Remitly is partnering with Visa to offer real-time peer-to-peer money transfers through Visa Direct:
with Visa to offer real-time peer-to-peer money transfers through Visa Direct, Visa's real-time push payments platform.The partnership enables US consumers to send funds cross-border to Visa debit cards in real time. This offering streamlines thecross-border money transfer process, which can be a game-changing move in the remittances industry.
The partnership can speed up transfers. Speed and convenience are two areas consumers value the most in remittances and can greatly influence which provider they select. And speed is becoming an expectation, rather than a preference:of respondents to a PYMNTS study said they want faster payments, for example. Building speed into offerings is integral in satisfying customers who are sending transfers on the front end and improving the user experience for recipients on the back end.
Access to Visa's network can help Remitly stand out in the remittance space.Partnering with a massive global company like Visa to offer instant transfers can give Remitly a major advantage in the crowded remittance space. Offering cross-border funds in real time can substantially boost Remitly's value proposition. And it can boost Remitly's volume beyond the $6 billion in annualized volume it currently counts.annually in its fiscal Q4 2018 , which is consistent with the year earlier.
We've identified several tangible steps firms can take to improve in four key areas — cost, convenience, speed, and security — to not only attract but also maintain this customer segment to align with their preferences and ultimately win in the space.Outlines the global remittance landscape and sizes the opportunity that the industry presents.
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