Remitly, the online money transfer service used by more than two million people globally, is announcing its collaboration with Alipay, the world’s leading payment and lifestyle platform.
The agreement enables Remitly customers to send money from their smartphone or computer, and for funds to be received within the Alipay app.
Remitly is the first major online remittance service to launch transfers to Alipay from the United States, as well as offering the service internationally.
Alipay currently serves more than 1.2 billion users around the world, together with its local e-wallet partners. The service is operated by Ant Financial, the payments affiliate of Alibaba Group.
Matt Oppenheimer, Remitly’s co-founder and CEO, welcomed the partnership, saying: “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.”
Ma Zhiguo, Alipay’s head of the global remittances business said: “We look forward to working closely with Remitly for global remittances, as we continue to explore new ways to apply our technology in order to benefit more people globally.
“We are committed to working with partners such as Remitly, using innovative technologies to help global consumers gain access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world.”
At launch, Remitly customers are able to send money by selecting Alipay as their delivery method. Funds are transferred instantly and available for use in the bank account associated with the recipient’s Alipay account.
Both senders and recipients have the peace of mind of being able to track the status of their transaction within the Remitly app and via email and SMS updates. Recipients will also receive notifications within the Alipay app.
In the unlikely event that money is not received within the timescale specified, the Remitly Perfect Delivery Promise ensures that senders can reclaim any transfer fees.
Remitly’s service is currently available to customers living in 16 countries wishing to send money abroad. Total outbound remittances from those countries exceeded $325bn, more than half of all global remittances.
Remitly is an independent digital remittance company that transfers more than $6 billion annually through a bespoke global money transfer network operating across Africa, Asia, Europe, and the Americas.
Remitly’s reliable and secure mobile app and website are intuitive and easy to use, making the sending process fast, simple and transparent. Remitly keeps costs low by eliminating many of the expensive overheads incurred by offline money transfer providers, such as agents and branded stores.
Remitly is backed by industry-leading investors including Naspers PayU, Generation Investment Management, Stripes Group, DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, TomorrowVentures, and others. The company is based in Seattle (US), with offices in London (UK), Dublin (Ireland), Manila (Philippines) and Managua (Nicaragua). For more information,visit remitly.com.