Cryptocurrency to reduce the costs of money transfers

Published on: 10/09/2021 – 03:26

This is great news for anyone complaining about high fees for money transfers abroad. One of the giants of the sector, the American Moneygram announces that it has partnered with a cryptocurrency promoter, in order to reduce the costs of money transfers. Remittances abroad, especially from migrants, account for more than $ 500 billion each year, and remittance companies charge commissions of 7% on average. With the use of electronic currencies, these costs will go down for the 150 million users of this platform.

This is the main advantage of electronic currencies, they can be transferred anywhere, for free and, above all, in real time. Faced with increasing competition from cryptocurrencies, increasingly used by migrants around the world, money transfer companies have no choice but to adapt if they want to survive. Western Union, the market leader, is betting on the instantaneousness of money transfers, Moneygram its Texan challenger, betting on the blockchain and a cryptocurrency called USDC.

The USDC is a stable currency, that is, a cryptocurrency that is not subject to price variations, it is indexed to the dollar, a bit like the CFA franc is pegged to the euro. It will be possible from 2022 to convert funds to usdc and then transfer them to the currency of your choice, all with fees below 3%, Moneygram promises. Another advantage is that the money can go directly to an electronic wallet. The cryptocurrencies and digital currencies that states are starting to launch are reorganizing the charts in the sector. The Twitter network has just announced that it now allows the use of Bitcoin payments. And the giant Facebook has not given up on creating, for Africa in particular, its own cryptocurrency.


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