Mastercard and Remitly Global, Inc. announced a partnership Thursday (Oct. 19) to expand access to cross-border payments and remittances.
By integrating Mastercard’s Send and Cross-Border Services into the Remitly app, customers will have more choices in securely sending money to their loved ones abroad, the companies said. This collaboration aims to improve the transparency, convenience and speed of delivering critical funds to families and friends overseas.
According to Mastercard’s upcoming 2023 Borderless Payments Report, 41% of consumers who have made cross-border payments in the last year plan to increase the frequency of their transactions to provide financial support to their loved ones abroad. Additionally, a survey conducted by Remitly in November 2022 revealed that 34% of respondents consider the money sent home as the primary source of income for their recipient’s household.
Matt Oppenheimer, Co-founder and CEO of Remitly, expressed the company’s commitment to transforming international money transfers to provide customers with confidence and peace of mind. The partnership with Mastercard adds breadth and depth to Remitly’s robust payment network, enabling more customers worldwide to access trusted cross-border payments for supporting their families back home, he said.
The collaboration between Mastercard and Remitly aims to make sending money abroad more convenient. With the support of Mastercard’s network, U.S.-based Remitly customers can fund transactions using their debit cards through Mastercard Send. Moreover, Remitly has integrated Mastercard Cross-Border Services, offering customers various options for recipients to access their funds, including bank accounts, cash pick-up locations, and mobile wallets within Mastercard’s global network.
Silvana Hernandez, executive vice president, product and engineering, North America, Mastercard, emphasized the importance of quickly and securely sending and accessing funds abroad to support everyday expenses. Having grown up in Mexico, Hernandez understands firsthand the significance of this service. The collaboration between Mastercard and Remitly provides users with added convenience and peace of mind, ensuring that funds reach the right hands when they are needed the most.
Together, Mastercard and Remitly are striving to provide convenience and optionality at every step of the remittance journey. This partnership will empower customers to choose the most suitable method for sending and receiving money abroad, ultimately enhancing the overall remittance experience.
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October 20, 2023 at 02:02AM
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Remitly and Mastercard Team on Cross-Border Payments and Remittances - PYMNTS.com
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