Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

MoneyGram reaffirms crypto commitment with trading solution

The news: MoneyGram customers can now buy, sell, and hold Bitcoin, Ethereum, and Litecoin directly from the MoneyGram app, per a press release. The feature is powered by crypto exchange Coinme.

How we got here: MoneyGram has made several investments in cryptos over the last year to differentiate itself from competitors like Western Union and Wise and drive its digital remittance business.

  • MoneyGram expanded its relationship with Coinme in January by acquiring a minority stake in the startup. They had previously worked together so customers could buy Bitcoin or convert existing Bitcoin holdings to cash at MoneyGram locations across the US.
  • It also worked with long-time partner Stellar to let Stellar wallet users send Circle’s USD Coin (USDC) to recipients who could then cash it out for fiat currency across MoneyGram’s network.

MoneyGram CEO Alex Holmes advocated for digital currencies at the Finovate Fall 2022 conference, saying that the company was “disrupting itself” to cater to a younger, digital-native customer base.

MoneyGram’s opportunity: The new crypto feature, while not directly tied to its remittance business, can help increase engagement with MoneyGram’s app—positioning it as a digital-first provider and encouraging consumers to use its online channels for cross-border payments. This can help bolster the firm’s digital transaction volume, which grew 36% year over year (YoY) in Q2 and accounted for 44% of all money transfers in the quarter.

The solution also reflects MoneyGram’s commitment to digital currencies, helping it remain at the forefront of the emerging crypto remittance sector. MoneyGram could eventually use it as a springboard to enable crypto remittances directly from the app.

Will it work? MoneyGram’s interest in cryptos may stem from the belief that digital currencies can reduce costs and increase payment speeds for remittances. However, some experts say it’s more complicated than that.

  • Many of the costs associated with remittances are already baked into the transaction regardless of which rail is used, according to a Money20/20 panel featuring Stellar CEO and executive director Denelle Dixon and Remitly CEO and co-founder Matt Oppenheimer. Even though crypto can reduce some remittance costs, providers still need to pay for things like regulatory compliance and know-your-customer rules
  • The cross-border payments space is digitizing, which means faster remittances even without crypto. The digital money transfer and remittance market is expected to hit $4.4 trillion by 2027, up from $2.5 trillion in 2022, according to Juniper Research. Digital-only upstarts like Wise and Remitly have helped spur digital remittance growth by lowering barriers for consumers participating in the sector. Crypto partnerships like the one between MoneyGram and Stellar have likely also helped fuel digital remittance growth.

But digital currencies do have clear remittance use cases. For instance, consumers living in countries with high currency volatility can use stablecoins pegged to the US dollar to improve their buying power.

Related content: Check out our Global Remittances Forecast 2022 and US Crypto Payments reports to learn more about the intersection of remittances and cryptocurrencies.

This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.