Paysend, a UK-based fintech company, has joined forces with Visa to revolutionize international money transfers. The strategic collaboration will enable Paysend’s customers worldwide to send money in real-time to eligible Visa cards across 170 countries and territories.
This partnership builds on the companies’ initial collaboration, which was announced in February 2022. At that time, Paysend’s US and UK customers were able to send money internationally and domestically to eligible Visa cards. The new five-year partnership takes advantage of Visa Direct, Visa’s real-time money movement network.
By leveraging the power of card networks instead of traditional money transfer channels, Paysend aims to bridge the gap for countries with limited banking infrastructure. This approach offers significant advantages in terms of cost and service speed.
Ruben Salazar, global head of Visa Direct, stated, “At Visa, we understand the importance of building an efficient and secure money movement network to support our partners. 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 has partnerships with major card issuers, creating a global payment network that enables fast transfers between them. The collaboration with Visa opens up new payment corridors, allowing payments to eligible Visa cards worldwide through Paysend’s app.
Abdul Abdulkerimov, co-founder, and chairman of Paysend, expressed that their mission is to deliver the world’s simplest money transfer service. By teaming up with Visa, they can provide a safe, economical, and hassle-free money transfer experience for millions of individuals who have difficulties accessing traditional banking services.
This collaboration between Paysend and Visa heralds a new era for international money transfers, driven by innovation, simplicity, and accessibility. It aims to provide a seamless and efficient solution for individuals around the world who need to send money globally in real-time.
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