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.
Remitly Global Inc. (NASDAQ:RELY) is a cross-border payment company that delivers digital financial services, covering markets across Canada, the U.S., and internationally. It facilitates international money transfers and additional financial services through its mobile application and web platform.
While we acknowledge the risk and potential of RELY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RELY and that has 10,000% upside potential, check out our report about this cheapest AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.
Disclosure: None. Follow Insider Monkey on Google News.
Hedge Fund Resource Center