Remitly Global Inc. (NASDAQ:RELY) is one of the 10 best payment processing stocks to buy now.
The company’s expansions into new geographies, through strategic integrations, support a favorable stance around the stock
On May 27, Remitly Global Inc. (NASDAQ:RELY) announced the integration of Bre-B, Colombia’s national instant payment system backed by Banco de la República, into its remittance network. With just the recipient’s phone number, email address, or national ID connected to a partner bank account or digital wallet, customers can now send money to Colombia instantly and around the clock. In just 6 months, Bre-B has handled over 600 million transactions and accumulated over 34 million registered users, according to Banco de la República.
Copyright: sifotography / 123RF Stock Photo Within 6 weeks of its inception, the remittance platform’s Bre-B transaction volume tripled. Sending money is an act of care, according to Remitly Vice President Nick Moiseff, and this integration gives senders and recipients assurance that money will arrive promptly, consistently, and transparently. The Bre-B system has also expanded the company’s current payout network in Colombia, which already consists of cash pickup services, conventional bank deposits, and mobile wallets like Nequi, Daviplata, and Bancolombia A La Mano.