Paysend and Visa Strengthen Their Strategic Collaboration to Help Transform Global Money Movement

Rhea-AI Summary

Paysend and Visa collaborate to enable real-time money transfers to eligible Visa cards across 170 countries and territories.

Positive

• Strategic collaboration aims to revolutionize international money transfers through Visa Direct.
• Partnership unlocks new payment corridors and enables payments to eligible Visa cards worldwide through the Paysend App.
• Joint marketing initiatives to support growth of fast, seamless payments to eligible Visa cards in key corridors.

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• None.

LONDON--(BUSINESS WIRE)-- Paysend, the UK Fin-Tech innovator, and Visa, the world’s leader in digital payments, today announced a strategic collaboration enabling Paysend’s customers globally to send money in real-time¹ to eligible Visa cards across 170 countries and territories².

Visa and Paysend expand strategic collaboration (Graphic: Business Wire)

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.

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’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.

For more information about the current state of digital remittances, the tales behind these payments being made between individuals across boarders and the role Visa Direct can play in streamlining global money movement, please visit: Money Travels: 2023 Digital Remittances Adoption Report (visa.com)

About Paysend

Paysend is a next-generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow, and in any currency.

Paysend is UK-based with a global reach, having been created in April 2017 with the explicit mission to change how money is moved around the world. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay, and local ACH and payment schemes, providing over 40 payment methods for online SMEs.

Paysend can send money to over 170 countries worldwide and has attracted more than six million consumers to its platform. As a global end-to-end payment platform, Paysend has a global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard, and China Union Pay as principal members and certified processors.

For further information, visit: https://paysend.com/

About Visa

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

¹ Actual fund availability depends on receiving financial institution and region

² Availability varies by market. Please refer to your Visa representative for more information on availability.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230914346689/en/

Visa Press Contact:

Tierney Deggelman

tdeggelm@Visa.com

Paysend Press Contact:

Rupert Bedell

r.bedell@paysend.com

Source: Visa Inc.