Mastercard and Remitly Join Forces to Enhance Cross-Border Payments
In a move that promises to revolutionise cross-border payments and remittances, Mastercard has announced a strategic partnership with Remitly. This collaboration seeks to provide Remitly’s US-based clients with enhanced options for sending and receiving funds overseas to their loved ones.
Empowering Remittances with Mastercard
Mastercard’s Send and Cross-Border Services seamlessly integrated into Remitly’s platform, granting users greater flexibility, transparency, and efficiency in international money transfers. By leveraging Mastercard’s extensive network, this partnership aims to facilitate secure and swift fund transfers and meet customers’ evolving needs.
The Power of Remitly’s Reach
Remitly, a leading digital financial services provider catering to immigrants and their families across 170 nations, has disrupted traditional remittance pathways. Its digitally-driven cross-border remittance app eliminates the hassles, uncertainties, and high fees associated with conventional methods. Moreover, Remitly continues to expand its product offerings, striving to reshape financial services for global immigrants.
Meeting the Needs of a Growing Demand
The importance of remittances as a lifeline for many households cannot be overstated. According to Mastercard’s forthcoming 2023 Borderless Payments Report, 41% of consumers who engaged in cross-border payments in the last year plan to increase the frequency of their transactions. This surge is driven by the desire to provide crucial financial support to loved ones abroad. A 2022 survey conducted by Remitly further underscores this trend, with 34% of respondents indicating that remittances constitute the primary source of income for their recipients.
Mastercard’s Commitment to Convenience
Silvana Hernandez, Executive Vice President of Product and Engineering, North America at Mastercard, emphasised the importance of quickly and securely sending and accessing funds abroad. Drawing from her own experience growing up in Mexico, she recognised the significance of this service. The collaboration between Mastercard and Remitly aims to offer users added convenience and peace of mind, ensuring that funds reach the right hands when needed most.
Remitly CEO’s Vision
Matt Oppenheimer, Co-founder and CEO of Remitly, expressed the company’s dedication to transforming international money transfers. He envisions a world where customers can send money with complete confidence and peace of mind. The partnership with Mastercard is a significant step towards realising this vision, enriching Remitly’s robust payment network and making trusted cross-border payments more accessible to customers worldwide.
In conclusion, the partnership between Mastercard and Remitly signifies a groundbreaking development in cross-border payments and remittances. By combining their expertise and resources, these two industry leaders are poised to simplify and enhance the remittance process, ultimately benefiting customers and their families around the globe. Stay tuned for more updates on this transformative collaboration.
