OwlTing Group, a blockchain technology company, has collaborated with MoneyGram International Inc. to streamline cash-in transactions for converting local fiat currencies into USD Coin (USDC) through its OwlPay Wallet Pro service. This service is now accessible at nearly 50,000 MoneyGram locations across 30 countries, offering an enhanced avenue for users to engage with digital assets.
OwlPay Wallet Pro operates as a blockchain-based, unhosted digital wallet designed for cross-border financial transactions. USDC, a dollar-backed stablecoin, is a key component of this service, ensuring stability and reliability for users. To facilitate seamless conversions within the wallet, OwlTing has integrated its platform with MoneyGram Access, a global on- and off-ramp solution specifically catering to digital-asset wallets.
Expanding Accessibility for Cash-In and Cash-Out Services
The integration also enables OwlPay users to convert USDC back into fiat currencies. This cash-out feature is available in over 170 countries at more than 375,000 MoneyGram locations worldwide. Powered by MoneyGram Access, this functionality underscores OwlTing’s commitment to creating a versatile financial ecosystem for its users.
OwlTing has also transitioned all individual OwlPay wallets to an unhosted model, a move aimed at enhancing security and user control. This shift allows users to manage their passphrases independently, increasing both accessibility and privacy. The updated wallets are now available on iOS and Android platforms through the Apple App Store and Google Play Store.
Supporting Underbanked Regions with Stablecoins
The collaboration with MoneyGram is expected to significantly bolster OwlTing’s reach, particularly in underbanked regions such as Latin America and Africa. By increasing the utility of USDC, the partnership offers a hedge against volatile local fiat currencies, providing stability and reliability in areas where traditional banking infrastructure is limited.
OwlTing, established in 2010, operates from offices in the United States, Japan, Singapore, Hong Kong, Thailand, and Malaysia.
Related Developments in Blockchain Payments
In a parallel development, Nuvei Corp. has introduced a blockchain-based payment solution targeted at merchants in Latin America. This solution, launched in partnership with Rain, BitGo Inc., and Visa Inc., enables businesses to utilize stablecoins like USDC for business-to-business (B2B) payments through Visa-branded physical or virtual cards. The initiative aims to provide a secure and efficient payment system for merchants in the region.
Additionally, Nacha, the organization responsible for managing the ACH network, has released an educational report titled Diving into the Fundamentals of Cryptocurrency as a Form of Digital Payment. Published by Nacha’s Payments Innovation Alliance, the report aims to assist financial institutions in understanding cryptocurrency, including its processes and participants. The alliance also plans to develop further resources addressing cryptocurrency fraud, security, and regulatory concerns to support the evolving digital payment landscape.
Advancing Blockchain Adoption
OwlTing’s partnership with MoneyGram and its efforts to expand the use of USDC underscore a broader trend of integrating blockchain technology into traditional financial services. These initiatives, alongside related advancements by Nuvei and Nacha, reflect the growing importance of stablecoins and blockchain solutions in fostering global financial inclusion and modernizing payment systems.
