Following this announcement, Remitly is set to integrate Mastercard’s Send and Cross-Border Services in order to provide its clients and customers with more choices of how they send and receive funds abroad to families, friends, or acquaintances.
Furthermore, the companies will focus on optimising the overall transparency, convenience, and speed of delivering these funds through the use of Remitly’s application.
Mastercard Send represents a product backed by the company’s network, and it will be leveraged in order to give US-based Remitly clients the possibility to fund transactions via their debit cards. Remitly will also be able to access the Cross-Border Services of Mastercard, aiming to provide its users with more choices on how recipients can access their funds through a variety of disbursement methods within the network, including bank accounts, mobile wallets, as well as cash pick-up locations.
Digital financial services provider Remitly had multiple partnerships and launches in the last couple of months, covering several different geographic areas around the world.
In August 2023, payment network GLN International announced its collaboration with Remitly in order to launch instant cross-border remittances from abroad to all the domestic bank accounts in Korea. The solution was launched by GLN International, a subsidiary of Hana Bank, and it was developed in order to benefit Korean residents, international students, and other remittance clients residing overseas.
GLN focused on disbursing funds to the preferred domestic bank accounts of the recipients in Korea in a secure and efficient manner, all by using its bank-level safe platform. According to the press release published at the time, GLN mentioned that customers were enabled to benefit from overseas remittance solutions through their global payment network. In addition, the officials of the company also emphasized that overseas remittance represented a pivotal aspect of GLN’s global market expansion strategy. With the initiation of the domestic-to-overseas remittance suite of services, GLN aimed to collaborate with various businesses in order to further expand the overall remittance market around the world.
Earlier in April 2023, Lebanon-based remittance and cashout platform Purpl partnered with Remitly to enable remittances to Lebanon at an overall lower cost. Throughout this strategic deal, the companies aimed to bring financial inclusion and democratisation of remittances in the region of Lebanon, a country that depended on over USD 7 billion a year of remittance flows.
Remitly customers were given the capability to send remittances to beneficiaries in the area that could cash out or spend the funds digitally through Purpl. This process eliminated the need for beneficiaries to have a bank account, as they could easily and securely withdraw money without a card from ATMs or traditionally at cash pick-up locations.
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