Paysend expands cross-border money transfer services to Colombia

By Edlyn Cardoza

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

Transferring money internationally can be challenging and time-consuming, with bank-to-bank transfers often taking multiple days. Fraud prevention and currency exchange add time and complexity to the money transfer process. Through working with Terrapay and MOVii, Paysend’s U.S. and European customers will be able to send money to friends and family in Colombia quickly, securely, and conveniently.

Jairo Riveros, Chief Strategy Officer and Managing Director for the USA and LATAM at Paysend said: “Global remittance plays an important role in the economic development in Latin America. 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. With traditional banking services evolving to become increasingly digitized, digital money transfers will continue to grow year on year and facilitate the most important financial transactions in Colombia.

Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, said: “This is another important next step in expanding Paysend’s capabilities across Latin America. 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.”

Hernando Rubio, CEO of MOVii, said: “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. 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 very low costs. And we are happy to know that together we are going to change the lives of millions of Colombians.”

Trusted by more than 6 million consumers in over 150 countries globally, Paysend has grown 14,498% over the past four years and is one of the world’s fastest-growing FinTech companies.

MOVii is Colombia’s first 100% digital money platform that aims to revolutionize financial inclusion by making it easier for people to pay and use their money digitally without paperwork.

Recently, IBS Intelligence reported that Paysend had announced the company is expanding its peer-to-peer money transfer services globally.