International payments platform Paysend has announced it is expanding its peer-to-peer money transfer services globally via Visa Direct.
The company’s US customers will be able to send funds to eligible Visa cards in 107 countries while UK customers will be able to send funds to eligible Visa cards in up to 114 countries and territories globally.
Paysend, which was founded in 2017, said the move follows a period of growth that saw the business hit five million customers in November
“Transferring money across borders can be met with various challenges, including speed, security and convenience,” said Alex Bessonov, group head of network development and strategic partnerships, Paysend. “With Visa Direct, our U.S. and UK customers will now have more options to send money to loved ones globally, directly to eligible Visa cards.
“We expect an exponential number of new transactions due to this collaboration as Paysend customers send everything from tuition fees to financial gifts to medical bill reimbursements to their family and friends abroad.”
Ruben Salazar, SVP, global head, Visa Direct, said: “From helping pay bills to sending emergency funds, migrant workers often use remittances to provide financial support to families in their home countries. Visa strives to help make a difference in people’s lives by innovating to remove friction from traditional and time-consuming money-movement processes. We are excited to help enable Paysend to give their U.S. and UK customers the benefits of quick, secure and digital capabilities of Visa Direct.”
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