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.

Mastercard and Paysend are partnering to enable SMEs to send and receive payments to and from various developed and emerging markets. Their latest joint solution, the Open Payment Network, facilitates end-to-end payment flows, from initiation to settlement, allowing near real-time payments through connections with local network partners and instant payment schemes.

Paysend has also joined the Mastercard Send Partner Program, enabling the delivery of near real-time digital payments to their customers. This move will leverage Mastercard's network reach, allowing Paysend to open up new corridors between Europe and the rest of the world for person-to-person transactions.

Today's announcement marks an expansion of the long standing relationship between Mastercard and Paysend.

About Paysend

Paysend emerges as a trailblazing innovator in the realm of global financial transactions, presenting an avant-garde platform that empowers individuals and businesses alike to effortlessly send money worldwide, regardless of currency or method. Originating in April 2017, Paysend has its roots in the UK but has rapidly expanded its influence across the globe, dedicated to revolutionizing the landscape of international money transfers. Since its inception, Paysend has remained steadfast in its mission to streamline the process of financial transactions on a global scale.

Paysend's platform fosters seamless interoperability across various networks worldwide, encompassing major players such as Mastercard, Visa, China UnionPay, and a diverse array of local payment schemes. With a diverse array of over 40 payment methods tailored to suit the needs of online SMEs, Paysend ensures accessibility and adaptability for businesses of all calibers.

For further information, visit: https://paysend.com/

About Mastercard

Mastercard stands as an unparalleled leader in the realm of global financial services, offering an innovative suite of solutions that empower individuals and businesses alike to navigate the complexities of modern commerce with ease. With its inception dating back decades, Mastercard has evolved into a beacon of reliability and innovation, shaping the landscape of digital payments worldwide. Since its founding, Mastercard has remained steadfast in its commitment to revolutionizing the way people transact, leveraging cutting-edge technology and strategic partnerships to drive progress and prosperity.

Mastercard's expansive network spans continents, facilitating seamless transactions across borders and currencies. From traditional credit and debit cards to digital wallets and contactless payment solutions, Mastercard provides a comprehensive range of payment options tailored to meet the diverse needs of consumers and merchants. With a presence in virtually every corner of the globe, Mastercard ensures accessibility and convenience for users across all walks of life.

For further information, visit: https://www.mastercard.com/