Paysend and WesternUnion Forge a New Global Money Transfer Partnership
In an exciting development for the world of international finance, Paysend, the UK-based fintech pioneer, has joined hands with global financial behemoth Western Union to redefine cross-border money transfer services. This strategic collaboration, announced on October 30, 2023, marks a significant milestone in enhancing the efficiency and accessibility of international fund transfers.
Today, we're excited to announce the latest chapter in the @Paysend story. We're delighted to share the news that we will be providing digital payments for @Western Union, through our latest global partnership.
The primary objective of this partnership is to provide consumers worldwide with a seamless and efficient cross-border money transfer experience. Paysend’s integration with Western Union introduces an additional direct-to-card payout option, allowing Western Union customers to send funds directly to Visa and Mastercard debit cards. This initiative aligns seamlessly with Paysend’s overarching mission to simplify money transfers for individuals across the globe.
Abdul Abdulkerimov, the Executive Chairman and Co-Founder of Paysend expressed his heartfelt enthusiasm, stating, “Paysend’s mission is to make money transfer easier for everyone. We are thrilled to join forces with Western Union, a company renowned for its global reach and unwavering commitment to financial inclusion. Together, we will empower millions with accessible cross-border money transfer services.”
Fueling Economic Growth through Seamless Transactions
In 2022, the World Bank released a remarkable report indicating that remittances had grown by an impressive 5%, surging past an astounding $800 billion. This growth was indispensable in sustaining communities and fuelling economic development worldwide. Paysend’s innovative single API solution ensures the smooth and efficient processing of Western Union customer payments. This translates into near-instant payouts, all conducted at live foreign exchange rates, 24/7, 365 days a year.
Sheryl McKenzie, Chief Product Officer at Western Union, underscored the shared commitment of both companies to prioritise customer experience. She articulated, “This agreement gives our customers more choice, convenience, and access to affordable financial services, simultaneously contributing to the improvement of countless lives worldwide.”
Expanding Possibilities through a Visionary Collaboration
As a testament to their unwavering commitment, Paysend and Western Union have embarked on an initial pilot program. This program enables users to send money effortlessly from the United States and the United Kingdom to destinations including Pakistan, the United Kingdom, and Spain. Plans are already in motion to expand this service to additional countries shortly.
This landmark collaboration is the latest chapter in an active period for Paysend, following the announcement of network expansions with Visa and Mastercard in September. It signifies Paysend’s persistent efforts to revolutionise the movement of money globally, ensuring hassle-free transfers to over 170 countries, regardless of location or currency.
In conclusion, Paysend and Western Union’s partnership is poised to reshape the cross-border money transfer landscape, ushering in a new era of convenience and accessibility for consumers globally. As the world becomes increasingly interconnected, initiatives like these are instrumental in ensuring that financial services are readily available to all, transcending geographical boundaries. To learn more about Paysend, please visit www.paysend.com.
