Remitly, the largest independent digital remittance company in North America, has linked with financial technology specialists and bank holding company Green Dot Corporation to place an elevated focus on financial inclusion with the launch of Cash Deposit.
It comes at a time where financial and economic turbulence is heightened due to the current crisis, with the firm expanding banking and cash access for underbanked immigrants in the United States.
Helena Mao, General Manager, Money Processing, Green Dot emphasised: “Green Dot is honored to join forces with Remitly in support of its first-ever Cash Deposit product. As an innovator in financial services, Remitly, together with the Green Dot Network, is providing more convenient financial access to people who otherwise would not have it.”
As part of the growth, Passbook customers can now deposit cash to their Passbook accounts at nearly 90,000 retail stores across the country, including participating 7-Eleven and Walgreens stores, utilizing the Green Dot Network.
Matt Oppenheimer, Remitly Co-founder and CEO commented: “From day one, our vision at Remitly has centred on providing immigrants with the most trusted financial services products on the planet, designed to meet their unique needs.
“As those needs change, we are resolute in our commitment to meeting our customers where they are and adapting our products accordingly. Introducing Cash Deposit as the next step in the expansion of our Passbook banking service is a prime example, as it addresses a key pain point for our customers: linking cash income to an accessible bank account.
“As we look to the future, we’ll continue to expand Passbook’s offerings to provide our customers with safe, reliable financial services during these challenging times and beyond.”
Expert Analysis: The importance of this collaboration shouldn’t be understated, as the problems of the underbanked are magnified through the current health crisis. Passbook’s digital solution for opening and using a bank account can play a key role in alleviating the hurdles that have been thrust forward by the crisis.