SEATTLE—Remitly, an international payments company in North America, announced it has partnered with fintech and bank holding company Green Dot Corp. to launch Cash Deposit, a new feature for Passbook by Remitly.
“At a time when the COVID-19 pandemic has created turmoil in the financial industry, Remitly is expanding its banking and cash access for underbanked immigrants in the United States. With cash deposit, passbook customers can deposit cash to their passbook accounts at nearly 90,000 retail stores across the country, including participating 7-Eleven and Walgreens stores, utilizing the Green Dot Network. These in-network stores are essential businesses that remain open amid the coronavirus crisis providing customers access,” IBS Intelligence said.
“Nearly 45 million first-generation immigrants in the country are underbanked or have no banking products available to them that meet their specific needs. This, along with the COVID-19 pandemic has walloped them as banks, and other financial institutions are either closed or open for limited operating hours considering the social distancing mandates,” IBS Intelligence explained.
‘Alleviates Obstacles’
Though Passbook’s digital solution for opening and using a bank account alleviates the primary obstacles faced by the underbanked immigrants, barriers remain for those who hold cash. Cash Deposit aims to address this challenge by offering customers a flexible way to deposit, manage and use their funds via digital account, Remitly said.
“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. As those needs change, we are resolute in our commitment to meeting our customers where they are and adapting our products accordingly,” stated Matt Oppenheimer, Remitly co-founder and CEO.