Through this partnership, the two companies will be able to leverage each other’s expertise in money remittance and local payments. According to the official press release, millions of people rely on remittances and use them as tools for financial security and economic development all over the world. In 2023, World Bank reported that remittance flows to low- and middle-income countries were estimated at USD 669 billion, which represented a growth of around 3.8%. dLocal's Payout solution supports partners such as Ria to offer seamless peer-to-peer payouts and remittances to countries where it is required.
In the official press release, representatives from dLocal talked about their collaboration with Ria and revealed their goals to support their mission of facilitating financial access through seamless and secure money transfers. They also talked about the global remittance market and highlighted its importance in supporting millions of families worldwide, specifically in the emerging markets dLocal operates in.
In essence, dLocal and Ria are working together to help users send money in Africa and Latin America, with peer-to-peer, cross-border payments in South Asia to be available in an upcoming update. World Bank further reports that Remittance flows to South Asia are estimated to have grown 7.2% in 2023, reaching USD 189 billion.
dLocal represents a cross-border payment platform that focuses on delivering local transactions in high-growth markets, while also connecting global enterprise traders with several emerging market customers across the regions of Africa, Asia, and Latin America.
In April 2024, dLocal announced a partnership with payroll and payments platform Papaya Global to enable companies to easily handle workforce payments around the world. The initiative was expected to allow businesses to handle workforce payments around the globe, including transactions made across emerging markets.
Furthermore, the strategic deal focused on allowing worldwide organisations to pay their employees in several regions globally, on time, and in their local currencies. Mutual customers of dLocal and Papaya were given the possibility to pay their partners, employees, freelancers, and suppliers, while also simplifying and making the overall checkout process more efficient.
For more information about dLocal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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