Pasadena-based financial company Green Dot Corporation has launched a partnership with Remitly, an independent digital remittance company, to launch Cash Deposit, a new feature for Remitly’s Passbook account.
Passbook is a digital bank account for Remitly customers that offers no recurring fees, cash back on international transfers, and a Visa debit card.
Launched earlier this year, Passbook eliminates the barriers and complexity of opening a bank account for the almost 45 million first-generation immigrants who live and work in the U.S., who historically have not had banking products available to them that meet their specific needs. Passbook also offers paycheck deposit and bank-to-bank transfer services.
With Cash Deposit, Passbook customers can now deposit cash to their accounts at nearly 90,000 retail stores across the country, including participating 7-Eleven and Walgreens stores, utilizing the Green Dot Network.
A Remitly statement said the vast majority of these in-network stores are essential businesses that remain open amid the COVID-19 crisis, providing customers access at a time when it’s needed most.
“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,” Matt Oppenheimer, Remitly Co-founder and CEO, said in a statement. “As those needs change, we are resolute in our commitment to meeting our customers where they are and adapting our products accordingly.”
Oppenheimer said Cash Deposit Is the next step in the expansion of Remitly’s Passbook banking service, addressing a key pain point for our customers: linking cash income to an accessible bank account.
“As we look to the future, we’ll continue to expand Passbook’s offerings to provide our customers with safe, reliable financial services during these challenging times and beyond,” Oppenheimer continued.
Cash Deposit addresses the barriers that people who commonly hold cash face now, with many banks and other financial institutions having closed their doors or limited operating hours in the midst of the COVID-19 pandemic. The service offers customers a flexible way to deposit, manage and use their funds via a convenient, digital account.
“Green Dot is honored to join forces with Remitly in support of its first-ever Cash Deposit product,” Helena Mao, General Manager of Money Processing at Green Dot, said. “As an innovator in financial services, Remitly, together with the Green Dot Network, is providing more convenient financial access to people who otherwise would not have it.”