Mastercard and money wire firm Remitly have come together to improve the access to cross-border payments and international remittances.
In light of the partnership, Mastercard has revealed data from its upcoming 2023 Borderless Payments Report where it showed that 41% of people who made cross-border payments within the last 12 months intend to increase their financial support for friends and family over the next year as global economic uncertainties grow.
What’s more, in a separate November 2022 survey of around 2,000 people conducted by Remitly, 34% of respondents said that the funds they send abroad are the main source of income for their recipient’s household.
Having those two studies in mind, Remitly and Mastercard joining forces to make cross-border payments more accessible seems like a strategic move that’s been a long time coming.
Matt Oppenheimer, Co-Founder and CEO of Remitly, said: “Remitly is committed to transforming the way money moves internationally so that our customers can send money with complete confidence and peace of mind.
“Our partnership with Mastercard demonstrates continued progress toward this monumental goal, adding breadth and depth to our robust payments network, so more customers around the world can access the trusted cross border payments they need to support their loved ones back home.”
The collaboration will allow Remitly to integrate Mastercard’s network, and more specifically its Send and Cross-Border Services, in order to provide customers with more flexibility when sending money via the Remitly app.
Mastercard’s Send offering will allow US-based Remitly customers to use their debit cards for money transfer purposes, while the Mastercard Cross-Border Services is a way for recipients to receive more options as to how to access funds sent to them, such as through bank accounts, cash pick-up, or a variety of mobile wallets.
Silvana Hernandez, Executive Vice President, Product and Engineering, North America, Mastercard, added: “Having grown up in Mexico, I know first-hand how vital it is to quickly and securely send and access funds abroad to support critical everyday expenses.
“Our collaboration provides Remitly users with an added layer of convenience and peace of mind, ensuring that funds get into the right hands when they need it most.”