Paysend, the UK-headquartered Fintech with more than 7 million customers, announced a partnership with Damane Cash, a payments institution and subsidiary of Bank of Africa, to “enable money transfers to Morocco.”
With features like low fixed fees, upfront exchange rates, faster transfer speeds and the ability to make instant, digital end-to-end international payments, this partnership will “enable Paysend to transform how communities in Morocco manage money online globally.”
Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, said:
“This partnership between Damane Cash and Paysend will encourage users all over the globe to connect across borders and send money to support loved ones in Morocco. They will experience more affordable rates and quicker processing speeds when sending important remittances. Through Paysend’s easy-to-use app, automated phone number and text ID verification, users can benefit from a quick and simple onboarding process, allowing them to make transfers through the Paysend platform immediately.”
As covered, Paysend claims to be “a next generation 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 currently “supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.”
Paysend can “send money to over 150 countries worldwide and has attracted more than seven million consumers to its platform.”
As a global end-to-end payment platform, Paysend 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.”
As covered in May 2022, Paysend had announced that it has grown its customer base in the United States by 66% in the past 12 months, to more than 500,000.
This growth has been “driven by recent expansions of Paysend’s cross-border money transfer service in the U.S. and Latin America through multiple partnerships, including Visa Direct, Mastercard Send®, Central Payments and MOVii.”