Remitly Expands Offering with Visa Direct into Canada

Rhea-AI Summary

Remitly Global (NASDAQ: RELY) expands its partnership with Visa, enabling customers in Canada to use Visa Direct for real-time money transfers to eligible recipients worldwide. This growth allows funds to be sent to Visa cards, enhancing payout options alongside existing bank accounts and digital wallets. Since March 2020, Remitly has extended its services to customers in 16 countries, facilitating transactions to over 65 nations. The collaboration emphasizes the importance of remittances, especially for migrant workers.

Positive

• Expansion of services to include Visa Direct for Canadian customers.
• Increased payout options for users, enhancing convenience.
• Collaboration with Visa broadens international money transfer capabilities.

Negative

• None.

Expansion enables customers to seamlessly send money from Canada to a loved one’s Visa card

SEATTLE--(BUSINESS WIRE)-- Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a leading digital financial services provider for immigrants and their families, today announced the expansion of its relationship with Visa by making available Visa Direct, Visa’s real-time push payments platform, to its customers in Canada.^[1] Remitly customers in Canada will be able to send funds to eligible recipients in countries around the world with a broader array of payout options that will now include Visa cards, in addition to the pre-existing bank account, digital wallet, and cash payout options.

“At Remitly, we say that remittances are global, but customers are local,” said Matt Oppenheimer, CEO, Remitly. “To provide best-in-class financial services to our customers, we offer localized experiences at scale - meaning offering locally relevant, convenient, and trusted options to send money. We are proud to add Visa Direct as an additional option for our customers in Canada, as we continue to move toward our vision of becoming the most trusted financial services provider for immigrants and their families.”

Visa Direct enables Remitly to provide its US and Canadian customers with the ability to send money internationally directly to bank accounts by simply providing their recipient's name and 16-digit Visa debit card number. Since March 2020, Remitly has expanded its partnership with Visa, and customers can now send from 16 countries and receive digital money transfers to bank accounts in more than 65 countries.

“Remittances are a lifeline for the 250 million migrant workers around the world who rely on this service to quickly and securely move money to their families,” said Jim Filice, VP and Head of New Payments, Visa Canada. “With this collaboration with Remitly, we’re unlocking new opportunities to help give Canadians more choice and flexibility to digitally send funds around the world.”

Additionally, Remitly will join Visa today in a panel discussion titled, “The rise of digital remittances – how innovation is improving global money movement” at The 2022 Payments Canada Summit. The session will discuss the trends in the digital remittance market, including the outlook for both consumers and businesses when it comes to evolving demand in cross-border money movement.

About Remitly

Remitly is a leading digital financial services provider for immigrants and their families in over 150 countries around the world. Remitly helps immigrants send money home in a safe, reliable and transparent manner. Its digitally-native, cross-border remittance app eliminates the long wait times, complexities and fees typical of traditional remittance processes. Building on its strong foundation, Remitly is expanding its suite of products to further its mission and transform financial services for immigrants all around the world. Founded in 2011, Remitly is headquartered in Seattle and has seven global offices, including London, Cork, Singapore, Kraków, Manila and Managua. For more information, visit Remitly.com.

 

---

^[1] Actual fund availability depends on receiving financial institution and region. Visa Direct is made available through Remitly’s licensed Visa acquirer and payment processor.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220428005293/en/

Media:

Danielle Vincent

remitly@inkhouse.com

Source: Remitly

FAQ

What is the recent update about Remitly (RELY) and Visa?

Remitly has expanded its partnership with Visa to offer Visa Direct, allowing Canadian customers to send money to Visa cards globally.

How does Visa Direct benefit Remitly customers?

Visa Direct provides Remitly customers in Canada with real-time transfers to Visa cards, alongside existing payout options.

What impact does this partnership have on Remitly's services?

The partnership enhances Remitly's international money transfer capabilities and increases the convenience of sending funds for its users.

How many countries can Remitly customers send money to?

Remitly customers can send money to over 65 countries globally.