Paysend and Visa To Transform the Global Money Movement By CIOTechOutlook Team

Paysend and Visa To Transform the Global Money Movement

CIOTechOutlook Team | Friday, 15 September 2023, 03:23 IST

Paysend, a UK Fin-Tech innovation, and Visa, the world's leader in digital payments, announced a strategic partnership that will allow Paysend clients worldwide to send money in real-time 1 to compatible Visa cards in 170 countries and territories 2.

The five-year collaboration aims to revolutionize international money transfers via Visa Direct, Visa's real-time money movement network, and builds on the companies' initial collaboration announced in February 2022, which allows Paysend's US and UK customers to send money internationally and domestically to eligible Visa cards. The announcement also builds on the current collaboration between Paysend and Currencycloud, both of which are part of Visa Cross-Border Solutions, with the goal of delivering a tailored solution that takes advantage of the most dynamic, competitive rates in the 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 as per business wire.

“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.”

Through relationships with major card issuers, Paysend is ideally positioned to offer seamless and cost-effective card-to-card transfers, enabling quick transfers between them and creating a global payment network. The relationship with Visa ushers in a new era of international money transfers, powered by innovation, simplicity, and accessibility as it opens up new payment channels, allowing payments to valid Visa cards all over the world via the Paysend App.