dLocal partners with Belmoney to expand remittance services

The collaboration enables Belmoney to use dLocal’s payment infrastructure, which supports over 900 local and alternative payment methods, including bank transfers, digital wallets, and card payments in markets such as Bangladesh, Ecuador, Peru, and Pakistan.  Digital wallets such as OPay in Nigeria and GCash in the Philippines are also included in the network.

Addressing high remittance costs

The global remittance sector continues to be affected by high fees and slow transaction speeds. According to the International Monetary Fund (IMF), sending transfers below USD 200 incurs an average cost of 10%, with fees reaching as high as 20% in smaller migration corridors. The United Nations has set a target to reduce these costs to 3%, but the global average remains at 6.5%, making transactions costly for those in lower-income regions. 

By integrating dLocal’s payment solutions, Belmoney aims to improve the efficiency and affordability of cross-border payouts. The collaboration enhances transaction processing speeds, ensures greater reliability, and reduces costs, allowing users to access their funds more quickly and securely. 

A representative from Belmoney stated that working with dLocal significantly lowers costs and improves payment speed, ultimately benefiting both senders and recipients in the remittance ecosystem. 

Officials from dLocal emphasised that the company’s focus is on streamlining global payments in emerging markets, and this partnership supports financial access in regions across Africa, Asia, and Latin America. 

Belmoney, which operates as Europe’s first Remittance-as-a-Service (RAAS) provider, is leveraging dLocal’s expertise to scale its services and expand into key markets, including China. The partnership strengthens its payment infrastructure, allowing money transfer operators (MTOs) to enhance compliance, simplify transaction processing, and improve overall efficiency in cross-border financial services.

For more information about dLocal, please check out their detailed profile in our dedicated, industry-specific Company Database.