What could help Passbook stay competitive is its specific focus on addressing the needs of immigrants. The offering's flexibility, lack of fees, and its tie-in with Remitly's money transfer services could all help Passbook accounts stand out to this group. And given that immigrants in the US earn over $1.3 trillion in wages annually, per Remitly's press release, becoming a popular deposit holder for that demographic is a lucrative goal.
But to gain sustainable success, Passbook will need to become a primary bank account for customers. Because Passbook accounts come with no monthly fees, eschew many of the other popular types of fees , and don't carry any minimum balance requirements, they won't yield much revenue for Remitly up front.
Instead, Remitly will need to lean on the benefits and flexibility of Passbook accounts to convince customers to use them as their primary bank accounts. If customers instead decide to, for example, store only small amounts of funds with Passbook in order to attain the international transfer benefits that accountholders enjoy, the offering could end up adding to Remitly's costs without contributing any significant profit.
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