Paysend teams up with Mastercard to boost its global reach

By Megha Bhattacharya

FinTech Paysend has announced a partnership with Mastercard in a bid to boost its reach and customer base, starting with the UK and EEA. According to the company, the new partnership will support its global approach by offering a platform for strategic expansion, therefore increasing the capacity for inter-regional transactions.

“Our partnership with Mastercard will bring even more freedom to Paysend customers who want to hold, spend and send their money on a global scale,” Ronald Millar, Co-Founder & CEO of Paysend said. “We will be working with Mastercard on collaborations programmes to bring the benefits of our multi-currency service to more people around the world, so they can spend freely and flexibly on their travels”.

Recently, Paysend announced that it has reached the 2.5 million customer mark for its Global Transfers Service. The FinTech’s customers can now send money to around 90 countries using their smartphone app or web browser platform, and new countries are added every month. The geographic footprint has grown with, between others, a number of African countries, Canada and USA recently launched.

Jason Lane, Executive Vice President Market Development Europe at Mastercard added, “We are thrilled to be able to partner with Paysend. This partnership is an important milestone in delivering choice of payments, in particular in a cross-border environment, and allowing people to pay how they want, anywhere, anytime.”

Established in 2017, Paysend is a Scottish FinTech company and payments disruptor that allows customers to transfer funds while bypassing the traditional banking system, eliminating inefficiencies associated with slow delivery speed, high foreign exchange rates, and correspondent banks’ fees. The service also allows customers based in Europe to transfer funds to any card overseas at a fixed price, using real exchange rates with no traditional fees.