Paysend, a prominent card-to-card and international payments platform, has announced a groundbreaking agreement with Western Union, aiming to significantly enhance cross-border money transfer capabilities. This collaboration positions Paysend at the forefront of international payment solutions, integrating with Western Union to offer direct funds transfer to Visa and Mastercard debit cards through Western Union’s branded digital solutions.

Empowering Global Financial Inclusion

Abdul Abdulkerimov, Executive Chairman and Co-Founder of Paysend, shared his enthusiasm about the partnership, highlighting the companies’ shared goal of simplifying money transfers. “Paysend’s mission is to make money transfer easier for everyone. We are thrilled to join forces with Western Union, a company known for its global reach and commitment to financial inclusion. Together, we will empower millions with accessible cross-border money transfer services,” said Abdulkerimov.

Impact on Global Remittances

The World Bank’s 2022 report showed that remittances experienced a 5% growth, exceeding $800 billion, underscoring their vital role in supporting communities and contributing to economic development worldwide. Paysend’s single API solution enables the efficient processing of Western Union customer payments directly to Visa and Mastercard debit cards, offering near-instant payouts and live FX rates, available 24/7 throughout the year.

Enhancing Customer Experience in Money Transfers

“Western Union and Paysend share an unwavering commitment to place our customers first, while providing an exceptional experience when sending money to friends and family,” said Sheryl McKenzie, Chief Product Officer at Western Union. The partnership is expected to offer customers more choice and convenience in accessing affordable financial services, thereby positively impacting lives globally.

Expansion and Future Prospects

Following a successful pilot program enabling money transfers from the U.S. and the U.K. to countries like Pakistan, Spain, and the U.K., both organizations plan to extend their services to more countries soon. This partnership is a significant milestone in Paysend’s active expansion phase, coming after its recent network growth announcements with Visa and Mastercard in September.

Conclusion

The collaboration between Paysend and Western Union marks a significant development in the fintech sector, enhancing the way consumers engage in international money transfers. This partnership not only streamlines the process but also broadens the scope of financial services, fostering greater inclusivity in global economic participation.

  Abdul Abdulkerimov, Cross-border Payments, Debit Card Transfers, Digital Payment Solutions, Financial Inclusion, Fintech Collaboration, Global Remittances, International Money Transfer, Mastercard, Paysend, Sheryl McKenzie, Visa, Western Union