Paysend, MOVii Join Forces to Offer Cross-Border Money Transfer Services to Colombians

Paysend, a provider of card-to-card and international payments services, today announced the expansion of its cross-border money transfer services to Colombia with MOVii, a mobile wallet service in Colombia. Using global payments infrastructure company Terrapay, Paysend will enable U.S. and European customers to send money via MOVii mobile wallets and help banked and unbanked Colombians carry out financial transactions from their mobile phone, in real-time.

“Global remittance plays an important role in the economic development in Latin America,” Jairo Riveros, chief strategy officer and managing director for the USA and LATAM at Paysend, said. “Not only do cross-border money transfers increase investment opportunities and growth within the region, but it also helps to reduce poverty. Since nearly half of Paysend’s digital money transfers are sent from the U.S. to Colombia, we’re continually finding new ways to help our customers stay connected to loved ones and minimize any burdens.”

International transfers with deposits to wallets or bank accounts are necessary to achieve greater inclusion and financial education, Paysend said in a statement. With traditional banking services evolving to become increasingly digitized, digital money transfers will continue to grow year on year and will facilitate the most important financial transactions in Colombia.

“This is another important next step in expanding Paysend’s capabilities across Latin America,” Alex Bessonov, group head of network development and strategic partnerships at Paysend said. “By partnering with Terrapay and MOVii mobile wallets, we’re committed to providing low-cost, accessible, peer-to-peer  payments for our U.S. and European customers and enable them to transfer money to their friends and family in Colombia.”

“In recent years we have seen how the migration of Colombians to different parts of the world has grown and likewise the sending of family remittances has increased,” Hernando Rubio, CEO of MOVii, said. “For this reason, at MOVii we want to make life easier for those who receive resources from their friends and family, partnering with Paysend, where users can access their application or website and send remittances to Colombia by debiting their debit or credit card at costs. very low. And we are happy to know that together we are going to change the lives of millions of Colombians.”

Paysend said it is used by more than six million consumers in 150-plus countries. MOVii is a Colombian complete digital money platform that aims to revolutionize financial inclusion by making it easier for people to pay and use their money digitally without paperwork. For a limited 30-day period, Paysend is offering fee-free transfers to MOVii wallets.

The company is based in the United Kingdom and was formed in April of 2017. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing more than 40 payment methods for online SMEs. The company has its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.



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