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Remitly & Alipay partner to enhance international remittances

Remitly, a US-based online money transfer service provider announced its collaboration with Alipay, a mobile and online payment platform. The partnership will enable Remitly customers to transact money from their smartphone or computer, and for funds to be received within the Alipay app.

Through the service, funds will be transferred instantly and money will be available for use in the bank account associated with the recipient’s Alipay account. Remitly’s app tracks the transaction’s status through email and SMS updates. It also ensures that money is received within the timescale specified, if not it lets the senders reclaim any transfer fees.

“It is hard to overstate the popularity of Alipay – it is the financial application of choice for more than a billion people. That places this partnership among the largest ever between a digital remittance provider and a recipient service. There’s never been a digital-to-digital remittance solution quite like this one, and we’re excited to see how people make use of it. We’re sure that Alipay users will love having the ability to receive cross-border transfers, alongside the many other features that help them organize their financial lives.” said Matt Oppenheimer, Remitly’s co-founder and CEO.

Alipay stated that the company together with its local e-wallet partners is serving more than 1.2 billion users around the world. The service is operated by Ant Financial, the payments affiliate of Alibaba Group.

Remitly an independent remittance company, currently serving customers living in 16 countries. The company reported a total outbound remittance of over $325billion from those countries. It is backed by investors including Naspers PayU, Generation Investment Management, DFJ, DN Capital, Stripes Group, Trilogy Equity Partners, QED Investors, Bezos Expeditions, Founders’ Co-Op, TomorrowVentures, and others.

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