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February 4, 2022

Paysend taps Visa Direct to expand cross border remittance services

UK-based card-to-card payments platform Paysend is set to scale up its peer-to-peer money transfer services worldwide by leveraging real-time push payment platform Visa Direct.

Visa Direct capability will enable Paysend to allow its US customers to send funds to eligible Visa cards in 107 countries and territories. It will also allow the company’s UK customers to transfer money to eligible Visa cards in up to 114 countries and territories around the world.

The company said that the integration will expand money transfers and specifically digital money movement options globally.

Founded in 2017, Paysend’s customer base reached a five million milestone in November last year.

In September 2020, the company forayed into the US to enable people in the country to send funds to international accounts without having to visit a physical location.

Paysend United States and Latin America managing director Jairo Riveros said: “At the onset of the pandemic, many around the world struggled to pay bills, make a steady income, stay connected with loved ones and more.

“I’m proud to be part of a company that takes chances and has the goal of connecting people around the world through digital money transfers. I’m even more thrilled to know that Paysend is constantly working to do even more for its customers by working with companies like Visa.”

Visa Direct global head Ruben Salazar said: “Visa strives to help make a difference in people’s lives by innovating to remove friction from traditional and time-consuming money-movement processes. We are excited to help enable Paysend to give their US and UK customers the benefits of quick, secure and digital capabilities of Visa Direct.”

In May last year, Paysend raised $125m in a Series B funding round to accelerate its international expansion.

The firm teamed up with data analytics and connectivity platform Flinks in last September to facilitate money transfers for Canadians.

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