Remitly will integrate Mastercard’s Send and Cross-Border Services to provide its customers with enhanced access to send and receive money from their family and friends staying overseas through its Remitly mobile application
Remitly, Mastercard partner for cross-border payments. (Credit: Alina Kuptsova from Pixabay)
US-based online remittance service provider Remitly Global has teamed up with payment card company Mastercard to expand access to cross-border payments and remittances.
Under the partnership, Mastercard and Remitly will jointly work to help Remitly customers more conveniently send and receive money from abroad.
Remitly will integrate Mastercard’s Send and Cross-Border Services to allow its customers to securely send money to their family and friends overseas through its Remitly app.
The Mastercard Send solution, building on the speed, reach, and trust of Mastercard’s network, enables US-based Remitly customers to fund transactions through their debit cards.
Remitly will also leverage Mastercard services to expand the options for recipients to access their funds through different disbursement modes, such as bank accounts, cash pick-up locations, and mobile wallets.
Remitly co-founder and 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.”
According to Mastercard’s report, 41% of consumers who have made cross-border payments in the last 12 months are likely to increase the frequency of their cross-border transactions.
In a survey of around 2,000 remittance senders conducted by Remitly in November last year, 34% of respondents said that money sent is the primary source of income for their recipient’s household.
Remitly is a digital financial services provider that helps immigrants, and their families send and receive money in more than 170 countries worldwide.
The company has a digital cross-border remittance app that eliminates the long wait times, complexities, and fees associated with such traditional remittance processes.
Together, Remitly and Mastercard aim to improve the transparency, convenience, and speed of delivering the funds to friends and families of Remitly customers.
Mastercard North America product and engineering executive vice president Silvana Hernandez said: “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.”