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In an effort to expand access to cross-border payments and remittances, digital financial services provider Remitly Global (NASDAQ:RELY) will integrate Mastercard’s (NYSE:MA) Send and Cross-Border Services to offer its customers more ways to securely send money abroad using the Remitly app.
The partnership comes as 41% of consumers who have made cross-border payments in the last 12 months intend to boost the frequency of such transactions over the next year, according to Mastercard’s (MA) upcoming 2023 Borderless Payments Report.
Mastercard’s (MA) Send feature enables U.S.-based Remitly (RELY) customers to fund transactions via their debit card. MA’s Cross-Border Services offers customers more choice in how recipients can access their funds through a variety of disbursement options within the payment giant’s global network, including bank accounts, cash pick-up locations, and mobile wallets.
In late morning trading, MA edged down 1%, while RELY gained 1.8%.
Mastercard-rival Visa (V) last month expanded its alliance with U.K. fintech Paysend to allow Paysend’s customers globally to send real-time payments to eligible Visa cards across 170 countries and territories.