MoneyGram is expanding its blockchain-based payment services by launching a Visa-branded stablecoin debit card in Colombia. The virtual card, usable with digital wallets, is part of the company's strategy to lower remittance costs, following a similar move by rival Western Union.
The move by MoneyGram and Western Union signals a growing trend of traditional financial services adopting stablecoins and blockchain technology to reduce the costs and improve the efficiency of cross-border payments and remittances.
MoneyGram is expanding its stablecoin activities by introducing a Visa-branded stablecoin debit card, a move that mirrors a similar initiative by its global remittance rival, Western Union. The MoneyGram Card will first be available as a virtual card in Colombia, compatible with Apple Wallet and Google Wallet. The company plans to release a physical version of the card as it extends its reach to other markets later this year. MoneyGram is collaborating with infrastructure provider Rain for this new card service, the same provider Western Union is using for its recently announced Stablecard. This expansion into blockchain-based payments follows MoneyGram's launch of its MGUSD stablecoin on the Stellar network in June, which integrated with its proprietary app via a self-custodial wallet. The company also recently announced a connection with a Solana wallet, further broadening its crypto ramp services. The World Bank has highlighted stablecoins as a significant tool for lowering the costs associated with global remittances. According to its September 2025 analysis, debit cards represent the most cost-effective method for receiving remittances, with associated costs at 3.61% of the transmitted amount.