Paysend, a UK-based Fin-Tech innovator, and Visa have announced a groundbreaking five-year partnership to facilitate real-time money transfers to eligible Visa cards in 170 countries and territories. Leveraging Visa Direct and dynamic exchange rates through Currencycloud, this collaboration aims to revolutionize international money transfers by offering cost-effective, accessible, and secure financial services worldwide.
14 September 2023 – Paysend, a pioneering Fin-Tech firm based in the UK, has joined forces with Visa, the world’s leading authority in digital payments, in a momentous strategic collaboration. This partnership is set to empower Paysend’s global customer base to initiate real-time money transfers to eligible Visa cards across a staggering 170 countries and territories, marking a significant leap forward in the world of international finance.
This five-year commitment builds upon the foundations of a previous collaboration unveiled in February 2022. In its initial phase, it permitted Paysend’s customers in the US and UK to conduct both international and domestic money transfers to eligible Visa cards. The current announcement further solidifies the synergy between Paysend and Currencycloud, a vital component of Visa Cross-Border Solutions. Together, they aim to offer a tailored approach, utilizing competitive and dynamic exchange rates on Visa Direct’s money movement infrastructure.
Paysend’s core mission is to bridge the financial divide in nations where traditional banking systems fall short. To this end, they are harnessing the potential of card networks as an alternative to conventional money transfer channels. This strategic shift not only enhances cost-efficiency but also accelerates service delivery.
Ruben Salazar, Global Head of Visa Direct, emphasized Visa’s commitment to developing an efficient and secure money movement network in support of their partners. He stated, “Through our expanded collaboration with Paysend, together we’re enhancing domestic and cross-border money movement with the innovative payment capabilities and value-added services offered through Visa Direct.”
Paysend is uniquely poised to facilitate seamless and cost-effective card-to-card transfers through its partnerships with major card issuers. These affiliations enable swift and hassle-free fund transfers, effectively creating a robust global payment network. The collaboration with Visa heralds a new era for international money transfers, characterized by innovation, simplicity, and universal accessibility. It unlocks fresh payment corridors, enabling individuals worldwide to make payments to eligible Visa cards through the Paysend App.
Abdul Abdulkerimov, Chairman and Co-Founder of Paysend, expressed his elation regarding this transformative partnership. He stated, “Our mission at Paysend is simple – to deliver the world’s simplest money transfer service. By teaming up with Visa, we are well positioned to provide a safe, economical, and hassle-free money transfer experience for millions of individuals currently facing challenges in accessing traditional banking services.”
This strategic cooperation with Visa underscores Paysend’s commitment to innovation and their ambition to redefine the global money transfer landscape. It extends far beyond the borders of the UK, ensuring that secure, convenient, and affordable money transfers are accessible to everyone. As part of this collaborative agreement, both companies will engage in joint marketing endeavors, fostering the growth of swift and seamless payments to eligible Visa cards, particularly within key corridors like the USA-Latin America corridor. This represents one of the largest Visa partner-marketing investments to date, reflecting the immense confidence in Paysend’s capacity to shape the future of money movement through its cutting-edge card technology.
For additional insights into the present state of digital remittances and the stories behind these cross-border transactions, as well as the pivotal role of Visa Direct in streamlining global money movement, please visit the Money Travels: 2023 Digital Remittances Adoption Report on Visa’s official website.