Paysend, the UK Fin-Tech innovator, and Visa, the world’s leader in digital payments, announced a strategic collaboration enabling Paysend’s 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 and builds on the companies’ initial collaboration announced in Feb. 2022 allowing Paysend’s US and UK customers to send money internationally and domestically to eligible Visa cards. The announcement also builds on the existing relationship between Paysend and Currencycloud — part of Visa Cross-Border Solutions — aimed at delivering a tailor-made approach utilizing the latest dynamic, competitive rates in market on Visa Direct’s money movement rails, according to the statement.
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, a statement said.
“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’re enhancing domestic and cross-border money movement with the innovative payment capabilities and value added services offered through Visa Direct.”
Paysend is uniquely positioned to 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 heralds a new era for international money transfers, driven by innovation, simplicity, and accessibility as it unlocks new payment corridors, enabling payments to eligible Visa cards around the world through the Paysend App.
Chairman and Co-Founder of Paysend, Abdul Abdulkerimov, expressed his excitement about this game-changing 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.”
The strategic cooperation with Visa ensures that Paysend continues to innovate and redefine the global money transfer landscape well beyond UK borders by enabling safe, convenient, and affordable money transfers for all. 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. This is one of the largest Visa partner-marketing investments of its kind to date, reflecting the faith in Paysend’s ability to help shape the future of money movement through its card technology. The joint marketing initiative builds on the recent announcement of Paysend’s media partnership with Televisa-Univision in the USA, the statement said.
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