- The new partnership offers customers the chance to deposit at tens of thousands of US stores.
- The new service will be called Cash Deposit and will be offered to customers of Remitly’s Passbook product.
- “From day one, our vision at Remitly has centered on providing immigrants with the most trusted financial services products on the planet,” says Remitly CEO.
Cross-border payments firm Remitly has announced that it will work alongside a leading fintech firm to provide a new feature to customers.
Remitly will pair up with Green Dot Corporation as part of its plan to launch Cash Deposit, which will be offered to customers of its Passbook by Remitly product.
As a consequence of the new partnership, customers of the Passbook service will be able to add cash to digital accounts at one of tens of thousands of shops in the country.
These will include a range of major stores such as the pharmacy Walgreens and the convenience chain 7-Eleven, and will be made possible thanks to the network offered by Green Dot.
It is understood that the aim of the project is to help immigrants in the US who experience problems when accessing financial services – a problem known as ‘being underbanked’.
According to Remitly’s co-founder and CEO Matt Oppenheimer, the firm is “resolute” in committing to help its customers.
“From day one, our vision at Remitly has centered on providing immigrants with the most trusted financial services products on the planet, designed to meet their unique needs,” he said.
“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,” he added.
He also gave some indications about his firm’s plans for the future in relation to the Passbook product.
“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,” he explained.
Green Dot’s general manager for money processing Helena Mao said that the company was “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,” she added.
According to figures, in the US there are over 40 million first-generation working immigrants.
In the context of the coranavirus pandemic, the fact that some of these people often work for and deal in cash has caused some issues.
Hopefully, this move from Remitly will help these groups to access banking services that work for them – both during the pandemic and beyond.
If you’re interested in learning more about how firms in the online money transfer sector are doing during the coronavirus pandemic, just check out our news pages.
