Mastercard, a global pioneer in payment solutions, and Remitly Global, a top-tier digital financial services platform catering to immigrants and their kin, have unveiled a new partnership. Their united goal is to broaden the horizons of cross-border payments and remittances.
The duo has embarked on this collaboration to harness the vast potential of Mastercard’s network. Through this, Remitly intends to weave Mastercard’s Send and Cross-Border Services into its framework. This integration will pave the way for Remitly’s user base to have a broader array of secure options when dispatching funds to their families and acquaintances overseas using the Remitly app.
Remitly has marked its presence as a prime digital financial service provider, reaching out to immigrants and their families spread across 170 nations. The company’s digitally-driven cross-border remittance app is a beacon of change, eclipsing the tediousness, ambiguities, and exorbitant fees that often plague traditional remittance pathways. Not resting on its laurels, Remitly is on a mission, constantly adding more products to its array with an aim to reshape financial services for global immigrants.
With Mastercard Send at its helm, it allows U.S-based Remitly clientele to funnel transactions through their debit cards. Further, its Cross-Border Services have been embraced by Remitly, giving users diverse ways for their beneficiaries to retrieve their funds. This includes options from bank account transfers to mobile wallets within Mastercard’s extensive network.
The role of remittances, which serve as vital financial lifelines for numerous households, cannot be underestimated. Forecasts from Mastercard’s upcoming 2023 Borderless Payments Report indicate that about 41% of individuals who’ve ventured into cross-border transactions in the past year are poised to upscale their transactional frequency. This is driven by the need to supply essential financial backing to their overseas connections. Echoing this sentiment, a 2022 survey spearheaded by Remitly revealed that for a sizable 34% of the surveyed, remittances sent back home became the chief income fountain for their recipients.
Bolstered by the speed and integrity of the Mastercard network, both companies are dedicated to simplifying the remittance process, from initiation to completion.
Remitly CEO Matt Oppenheimer said, “Remitly is committed to transforming the way money moves internationally so that our customers can send money with complete confidence and peace of mind. Our partnership with Mastercard demonstrates continued progress toward this monumental goal, adding breadth and depth to our robust payments network, so more customers around the world can access the trusted cross border payments they need to support their loved ones back home.”
Mastercard’s Executive Vice President of Product and Engineering, North America, Silvana Hernandez, remarked, “Having grown up in Mexico, I know first-hand how vital it is to quickly and securely send and access funds abroad to support critical everyday expenses. Our collaboration provides Remitly users with an added layer of convenience and peace of mind, ensuring that funds get into the right hands when they need it most.”
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