The decision was made after the fintech company started to focus on bolstering its money-transfer presence around the world. While closing Passbook, the company aims to use the solutions provided by the platform on products and services that are relevant to the core customer segment. The integration of these solutions will enable Remitly to offer its client base greater value of tools and an improved overall experience.
Remitly also mentioned that it will no longer accept new Passbook accounts, while stopping services for the neobank May 1 as well. The application of the company is currently available for download from the Apple App Store and Google Play.
Remidly represents a digital financial services provider mainly focused on immigrants and their families. It is expanded to over 170 countries around the world. The aim of the company is to help immigrants send money back to their families, friends, and acquaintances back home in a safe, reliable, and transparent way. The application of Remitly is digitally-native and prioritises cross-border remittance while eliminating the long process of traditional remittance and transaction processes.
The financial institution started its bolstering of money-transfers strategy, and it announced its expansion into the Middle East in February of 2023. Remitly launched its outbound remittance product in the UAE by opening an office in Dubai.
Remitly already had partnerships across multiple regions in the UAE, such as Pakistan, Bangladesh, the Philippines, and India. Moreover, the company has committed to the customer-centric reliable, fast, efficient, and transparent remittance experience. These features prioritise the long-term growth and development of Remitly in the region.
The company’s expansion in the UAE brought a welcomed solution for the immigrants there that deal with long-wait time and multiple risks associated with cash transfers, such as financial crime and physical security. The platform provided solutions and products that were relevant and well-suited to the population, according to officials of the financial provider.
In October of 2022, Remitly brought Visa’s real-time payments platform, Visa Direct, to its Canadian customers. Following this decision, users had the possibility to send funds to the eligible recipient in over 100 countries around the world. In addition to the payout options that were already available (such as pre-existing bank accounts, cash, or digital wallets), the payments option array was broadened to include Visa debit and credit cards.
The partnership focused on Remitly’s commitment to delivering their clients logically relevant and efficient payment options, as well as on the importance of global remittances.
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