Paysend and Visa have announced a five-year extension to their existing global money movement arrangement through Visa Direct.
The five-year partnership aims to revolutionise international money transfers through Visa Direct, Visa’s real-time money movement network and builds on the companies’ initial collaboration announced in February of last year.
The announcement also builds on the existing relationship between Paysend and Currencycloud – now apart of Visa Cross-Border Solutions – aimed at delivering a tailor-made approach utilising the latest dynamic, competitive rates in market on Visa Direct’s money movement rails.
Ruben Salazar, Global Head of Visa Direct, said: “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.”
The strategic collaboration will also enable Paysend’s customers globally to send money in real-time to eligible Visa cards across 170 countries and territories.
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.
Chairman and co-founder of Paysend, Abdul Abdulkerimov, expressed his excitement about this game-changing partnership, stating, “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.”
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