Global Crypto-to-Cash Payouts through Moneygram with Wyre
Global Crypto-to-Cash Payouts through Moneygram with WyreCrypto-to-Cash Payouts
The need to quickly and efficiently exchange between digital assets and cash has become increasingly important as the crypto ecosystem grows. To meet the need for interoperability between financial ecosystems, we have strategically integrated with MoneyGram via Stellar to enable end users to seamlessly transition between cash and cryptocurrency and to cash out their digital currencies at participating MoneyGram locations around the world — broadening the horizon of the future of personal finance!Implementing MoneyGram into your application
As a Web3 builder, users enjoy the benefits of your dapp, exchange, DeFi platform, or wallet. However, one of the highest friction points of a user’s journey is the transaction back to the cash that they originally deposited.
Via this integration, your users have the ability to smoothly cross between the traditional and decentralized financial ecosystems at their own discretion. Users are able to transfer funds from their Wyre wallet to a participating MoneyGram location, where they can then pick up the funds in the currency of their current location. All-in-all this groundbreaking solution kicks down many of the barriers associated with turning your crypto into cash with this ‘Crypto ATM’-like functionality.
MoneyGram has now expanded the service’s cash-out functionality globally, where permitted by law, enabling Wyre partners to pass on this great functionality to their end users. This service is being offered by MoneyGram with zero fees through June 2023, so the end user does not bear any direct costs. Currently this functionality is available for US- or Europe-based users and is available for cash-out through MoneyGram’s global distribution network which spans over 400,000 retail locations.Let’s see it in action!
To take advantage of this solution, your end user must be within Wyre’s ecosystem. Once integrated, the user can transfer funds from their Wyre wallet to a MoneyGram location, where they can pick up the funds in the local currency.
Once the funds have been sent to MoneyGram, the user will then fill out a MoneyGram form with some basic KYC information and receive a transaction Summary with all pertinent details. It is key to note that the owner of the transfer must be the user, meaning that only “self-to-self” transfers are currently available.
Your user will receive a reference number which will enable them to pick up cash at MoneyGram locations across the globe.
For your end users, this partnership will provide the ability to seamlessly convert USD Coin (USDC) to cash, building a much needed bridge between crypto and fiat. This not only increases the utility and liquidity of the given assets, but also enables more end users to participate in the digital economy. The impact of this partnership is expected to grow as the Stellar ecosystem of developers, wallets, and dapps continues to blossom. To understand the integration steps of this solution, please reference our API Docs here.Wyre — MoneyGram — Stellar
This integration between Wyre and the MoneyGram/Stellar service has many relevant and exciting use cases for our partners. For example, the impact on the settlement process can be significant. For the first time, settlement with MoneyGram will occur in near-real-time using Circle’s USDC, the world’s fastest growing dollar digital currency. This enables an accelerated collection of funds, improving efficiency and reducing risk.
Another use case relevant to this exciting integration is the ability to access unbanked users and seamlessly transfer value. By enabling your application to plug into MoneyGram’s retail network with just one integration, you can allow your users to deposit or withdraw cash from their digital wallets via USDC on Stellar without ever needing a bank account.
These potential use cases just scratch the surface of what this solution can provide, so let’s get building!
To read more about integrating crypto-to-cash payouts for your users, visit here for a full walkthrough of the solution’s possibilities. For a technical walkthrough of the steps needed to integrate this solution directly with Wyre, please view the guide in our API Docs here. ___________________________________________________________________
For more information about Wyre and how to integrate with our APIs, please visit our Website and Developer Documentation.
Connect with our community & dev team on Discord to get answers to all of your integration questions.