Paysend, the card-to-card pioneer and global payments platform, has announced that the company is expanding its peer-to-peer money transfer services internationally.
Via the implementation of Visa Direct, a real-time push payment platform, Paysend’s U.S. clients can send money to eligible Visa cards in 107 countries and territories, while UK customers will be able to send money to eligible Visa cards in “up to 114 countries and territories globally.”
The integration with Visa Direct has been announced after a period of steady growth that saw Paysend reach the milestone of 5 million customers in November 2021. Established less than 5 years ago, with 14,498% growth over the past 4 years, Paysend is one of the fastest growing FinTechs globally.
Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, said:
“Transferring money across borders can be met with various challenges, including speed, security and convenience. With Visa Direct, our U.S. and UK customers will now have more options to send money to loved ones globally, directly to eligible Visa cards. We expect an exponential number of new transactions due to this collaboration as Paysend customers send everything from tuition fees to financial gifts to medical bill reimbursements to their family and friends abroad.”
As noted in the update shared with Crowdfund Insider, Paysend introduced services in the U.S. in September 2020, and the company “experienced rapid growth as American residents, adopted the platform during the COVID-19 pandemic to securely transfer funds to international accounts in minutes – without visiting a physical location.”
Jairo Riveros, MD of the US and Latin America at Paysend, remarked:
“At the onset of the pandemic, many around the world struggled to pay bills, make a steady income, stay connected with loved ones and more. I’m proud to be part of a company that takes chances and has the goal of connecting people around the world through digital money transfers. I’m even more thrilled to know that Paysend is constantly working to do even more for its customers by working with companies like Visa.”
This integration will make money transfers and “specifically digital money movement options more widely available and accessible.”
Ruben Salazar, SVP, Global Head, Visa Direct, added:
“From helping pay bills to sending emergency funds, migrant workers often use remittances to provide financial support to families in their home countries. Visa strives to help make a difference in people’s lives by innovating to remove friction from traditional and time-consuming money-movement processes. We are excited to help enable Paysend to give their U.S. and UK customers the benefits of quick, secure and digital capabilities of Visa Direct.”
As covered, Paysend provides an integrated global payment ecosystem, enabling consumers and businesses to “pay and send money online anywhere, anyhow and in any currency.”
Paysend is UK-based and has global reach having been “created in April 2017 with the clear mission to change how money is moved around the world.”
Paysend supports a cross-network operability globally “across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.”