Visa, a global leader in digital payments, and Paysend, a trailblazing fintech company, have joined forces in a strategic five-year partnership aimed at reshaping the landscape of international money transfers. This ambitious collaboration seeks to harness the power of Visa Direct, Visa’s cutting-edge real-time money movement network, to deliver innovative and cost-effective cross-border payment solutions. The announcement comes as an extension of their initial collaboration unveiled in February of the previous year, further solidifying their commitment to redefining the future of money transfers.

Details on the Partnership

At the core of this partnership is the objective to create a more efficient, secure, and user-friendly platform for global money movement. This new partnership is set to leverage the existing relationship between Paysend and Currencycloud (now a part of Visa Cross-Border Solutions). This existing relationship already focuses on providing tailor-made solutions that leverage dynamic and competitive exchange rates through Visa Direct’s money movement infrastructure.

The Global Head of Visa Direct, Ruben Salazar, emphasised the importance of establishing a seamless and secure money movement network to support their extensive partner network. He stated that via the expanded collaboration with Paysend, the companies are together expanding and improving domestic and cross-border money movement. They are also launching innovative payment capabilities and bringing value-added services offered through Visa Direct within the grasp of customers. This commitment to innovation and efficiency underscores Visa’s dedication to providing cutting-edge solutions for its partners and customers.

Paysend’s Global Customers to Benefit

One of the most exciting outcomes of this collaboration is the opportunity it presents for Paysend’s global customer base. This partnership enables users to send money in real-time to eligible Visa cards across an extensive network of 170 countries and territories. This development is particularly significant for regions with limited access to traditional banking infrastructures, as it leverages card networks, promising significant cost savings and faster service compared to conventional money transfer channels.

Abdul Abdulkerimov, Chairman, and Co-founder of Paysend, expressed his enthusiasm about this game-changing partnership, highlighting Paysend’s mission to deliver the world’s easiest money transfer service. Joining forces with Visa, allows Paysend to offer a secure, economical, and hassle-free money transfer solution to millions of individuals, otherwise facing obstacles in accessing banking services in the conventional realm.

In a rapidly evolving financial landscape, this partnership between Visa and Paysend represents a major leap forward in the world of international money transfers. It embodies a shared commitment to delivering greater accessibility, efficiency, and affordability to customers worldwide. As the collaboration unfolds over the next five years, it is poised to redefine the way people send and receive money across borders, ushering in a new era of convenience and innovation in the global payments industry.