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Paysend, a UK-based FinTech company, and Mastercard have expanded their collaboration to improve cross-border payments for small and medium enterprises (SMEs), which are increasingly seeking fast and secure methods to send money or pay vendors globally. Despite the robust growth of digital payments, challenges persist regarding transparency and predictability. According to Mastercard's 2022 Borderless Payments Report, 39% of SMEs find cumbersome cross-border payments hindering their supply chain, and a quarter have faced supplier refusals due to uncertainty over payment times.
Paysend, a UK-based FinTech company, and Visa have announced a strategic partnership to enable real-time money transfers to eligible Visa cards across 170 countries and territories.
This five-year collaboration builds upon their previous partnership and leverages Visa's Visa Direct network for instant money movement. Paysend aims to revolutionize international money transfers, especially in underserved regions, by utilizing card networks instead of traditional channels.
The initial phase of the campaign will include two TV commercials, multiple TV program sponsorships, national and local radio advertising, podcast sponsorship, and extensive social and digital advertising, all in Spanish. With more than 60 TV commercials scheduled to air in the first week across the U.S., this campaign is poised to establish Paysend as a household brand within the Hispanic community.
Through this partnership, Paysend will empower RemotePass with a new instant payout to cards feature for global payroll. This intuitive capability allows remote workers to receive payments swiftly and affordably by transferring funds directly to their local cards, ensuring an efficient and seamless payment experience and eliminating delays when managing payroll.
To take advantage of this service, remote workers only need to link a valid bank card, in their name, to RemotePass. Users will employ Mastercard or Visa rails to transfer money instantly and directly. With this streamlined process, there is no longer any payday uncertainty, removing the incursion of traditional SWIFT or intermediary bank fees. 90% of transfers are completed within 15 seconds or less.
