OwlTing and MoneyGram Join Forces for USDC Innovations

OwlTing Expands Integration with MoneyGram for USDC Transactions

OwlTing Group, a pioneering blockchain fintech company, has recently integrated its digital wallet solution, OwlPay Wallet Pro, with MoneyGram International Inc., enhancing user capabilities for transferring between fiat currencies and USDC stablecoin. This partnership taps into the expansive MoneyGram network, facilitating bankless exchanges for users across numerous global locations.

Enhanced Capabilities of OwlPay Wallet Pro

The integration allows users of OwlPay Wallet Pro to cash in from local fiat currencies to USDC stablecoin in over 30 countries via nearly 50,000 MoneyGram locations. Furthermore, OwlPay users can cash out their USDC to fiat currencies in more than 170 countries, through an impressive network of over 375,000 MoneyGram locations. This is made possible through MoneyGram Access™, marking a significant step in providing a seamless on and off-ramp service for digital asset wallets.

Security and Accessibility Updates

With the recent updates, OwlPay Wallet Pro has transitioned to a fully unhosted wallet model, greatly enhancing security by providing users with direct access to their passphrases. This enhances not only user safety but also overall accessibility, allowing users to manage their funds with minimal barriers. The updated wallet is available on both iOS and Android platforms, ensuring broad access for all users.

OwlTing's Vision for Cross-Border Payments

The company seeks to tackle persistent challenges within the cross-border remittance market, including high fees and slow processing times. As MoneyGram reduces its average remittance fees to below 3%, OwlTing’s innovations aim to support a cost-effective payment solution, aligning with United Nations goals to reduce remittance costs significantly. Industry estimates indicate high costs in the remittance market, underscoring the need for more efficient solutions.

The Impact of the Collaboration

Darren Wang, the Founder and CEO of OwlTing Group, commented on this collaboration, stating, "We are responding to the evolving needs of international payments and remittance services which are crucial for supporting families and communities across the globe." This partnership is particularly promising for underbanked regions, enhancing the utility of USDC stablecoin as a stable currency option amidst fluctuating local economies.

The Growing Demand for Digital Payment Solutions

As the global remittance market expands, projected to reach $50 billion with a 10.5% CAGR from 2024 to 2033, the demand for practical payment solutions such as OwlPay Wallet Pro becomes increasingly vital. The platform enables migrant workers to easily transfer USDC to family and friends, who can hold it digitally and access cash through MoneyGram, thus providing a hedge against inflation.

Legal Compliance and Security Assurance

Legal compliance remains a foundation of OwlTing's operations, having successfully acquired licenses in 29 U.S. states. This compliance is crucial as the company continues to prioritize cybersecurity and user data protection. Additionally, obtaining the ISO/IEC 27001 certification marks a significant achievement in mitigating cyber risks.

Future Developments on the Horizon

The integration with MoneyGram follows OwlTing Group's recent partnership with the Stellar blockchain to facilitate USDC transactions. This expansion is expected to enhance the reach of OwlPay Wallet Pro, making it a valuable player in both U.S. and international markets.

About MoneyGram International, Inc.

MoneyGram is a leading financial technology firm operating globally, providing services that allow consumers to send and manage money securely. With a robust network that facilitates digital and traditional transactions, MoneyGram excels in offering efficient transfers, underscoring its reputation as a significant player in the digital currency space.

About OwlPay Wallet Pro

OwlPay Wallet Pro serves as a blockchain-based unhosted solution designed for swift and secure cross-border transactions, empowering both individuals and enterprises. Its flexible functionalities cater to modern payment needs in an increasingly digital economy.

About OwlTing Group

Founded in 2010, OwlTing aims to lead the digital transformation of payments, emphasizing law compliance and innovative solutions to support businesses worldwide. The company’s dedication to blockchain technology positions it as a frontrunner in the fintech landscape.

Frequently Asked Questions

What does the integration of OwlPay and MoneyGram mean for users?

This integration allows users to seamlessly convert local fiat currencies to USDC stablecoin, offering services in over 30 countries with significant global reach.

How does the unhosted wallet model enhance security?

The unhosted model gives users direct access to their private keys, increasing control over funds and improving financial security.

What fees can users expect when using these services?

MoneyGram has reduced average fees for remittance services to under 3%, aligning with global initiatives to lower remittance costs.

What are the future projections for the remittance market?

The global remittance market is projected to grow at a 10.5% CAGR from 2024 to 2033, highlighting a rising demand for efficient payment solutions.

How does OwlPay support cross-border payment users?

OwlPay enables migrant workers to transfer USDC efficiently, offering their recipients options to hold or convert funds easily, thus combating inflation.

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