UK-based Fintech firm Paysend, which focuses on global payments, has revealed that it will be working with Alipay to offer new cross-border money transfer options that aim to bring more seamless and inclusive financial services to consumers throughout the world.
Paysend claims that its agreement with Alipay aims to enable greater financial inclusion by providing convenient access to the international money transfer market.
Alipay is a key part of billionaire Jack Ma’s Ant Group, which is a subsidiary of Alibaba (NYSE:BABA). As reported, Ant Group earned 9.2 billion CNY (appr. $1.3 billion) in profits in the March 2020 quarter.
Alipay claims that it serves around 1.3 billion consumers across the globe, with the help of its local digital wallet partners.
Paysend is licensed and regulated by the UK’s Financial Conduct Authority (FCA). The global payments Fintech firm serves more than 2 million customers based in more than 45 different countries. Through the partnership, Paysend will aim to assist overseas users by allowing them to send funds across borders via licensed banks based in China, with the money being sent to bank accounts connected to the Alipay app.
Ronnie Millar, CEO at Paysend, stated:
“Paysend’s vision is using the most advanced technology to make payments faster and easier for millions of customers around the world. Working with Alipay, we aim to bring a new dimension of convenience and simplicity to the movement of money.”
Ma Zhiguo, Alipay’s head of the global remittances business, remarked:
“We are committed to working with partners such as Paysend, using innovative technologies to help global consumers gain access to inclusive financial services.”
In March 2020, Paysend provided educational programs about virtual payments.
One of the main problems individuals and companies, across the globe, are dealing with is personal safety when using cash. It can get contaminated and potentially play a major role in transmitting deadly viruses from person-to-person, mainly because of the frequency that each note has been used.