Payment processing company Mastercard (NYSE:MA) and Remitly Global (NASDAQ:RELY) announced that the two have reached a partnership agreement that will boost cross-border payments and remittance services to customers. Per the details of the announcement, Remitly will integrate Mastercard’s cross-border service feature on its platform. The feature will allow users to securely send money abroad through the Remitly app. The companies also hailed the move as one that will improve the transparency, convenience, and speed of funds transfers between families and friends overseas.
Mastercard said in its 2023 Borderless Payments Report that 41% of its customers have made cross-border payments in the last 12 months. On the other hand, Remitly said a survey it conducted showed that 34% of its customers send primary incomes to their families using the app.
With the partnership, Remitly users can now fund transactions using their debit cards. Likewise, users will have more options for cash transfer and delivery in the recipient’s location, including pick-ups, bank accounts, and mobile wallets.
Is MA a Good Stock to Buy Now
Turning to Wall Street, analysts have a Strong Buy consensus rating on MA stock based on nine Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average MA price target of $468.00 per share implies a 20.97% upside potential.
