Visa taps Paysend to expand remittance service in the US & LatAm
By Gloria Methri
UK FinTech innovator Paysend has announced a strategic collaboration with Visa, enabling its customers globally to send money in real-time to eligible Visa cards across 170 countries and territories.
The five-year partnership aims to revolutionize international money transfers through Visa Direct, Visa’s real-time money movement network. It builds on the companies’ initial collaboration announced in 2022 allowing Paysend’s US and UK customers to send money internationally and domestically to eligible Visa cards.
Paysend aims to bridge the gap for countries underserved by legacy banking infrastructures by leveraging the power of card networks instead of traditional money transfer channels, creating remarkable advantages in terms of cost and service speed.
“At Visa, we understand the importance of building an efficient and secure money movement network to support our partners,” said Ruben Salazar, Global Head of Visa Direct. “Through our expanded collaboration with Paysend, together we are enhancing domestic and cross-border money movement with the innovative payment capabilities and value-added services offered through Visa Direct.”
Paysend can facilitate seamless and cost-effective card-to-card transfers through partnerships with major card issuers, enabling fast transfers between them and creating a global payment network. The partnership with Visa unlocks new payment corridors, enabling payments to eligible cards around the world through the Paysend App.
Chairman and Co-Founder of Paysend, Abdul Abdulkerimov, expressed his excitement about this partnership saying, “Our mission at Paysend is simple – to deliver the world’s simplest money transfer service. By teaming up with Visa, we are well positioned to provide a safe, economical, and hassle-free money transfer experience for millions of individuals currently facing challenges in accessing traditional banking services.”
As part of the agreement, the two companies will engage in joint marketing initiatives to support and accelerate the growth of fast, seamless payments to eligible Visa cards in key corridors, including the USA-Latin America corridor.
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September 25, 2023
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