Paysend, Purpl extend money transfer to Lebanon

Based on the information provided in the announcement, the collaboration is set to allow 20 million Lebanese people that are settled around the globe to send money to their loved ones back home.

Cross-boder payments and how the partnership falls into place

As detailed in the press release, the Paysend and Purpl partnership is set to provide features of the likes of low fixed fees on money transfers, competitive foreign exchange rates, and the option to receive instant international payments, looking to change the way in which communities in Lebanon manage their money internationally.

Following the global number increase in people that have a requirement for fast, cheap, and reliable services to help them send funds, Paysend aims to continue the expansion of the reach of its network and the number of countries that its customers are enabled to send money to, aiming to assist them with staying connected and transferring money to their friends, family, and loved ones.

Karl Naïm, co-founder and CEO at Purpl stated in the announcement that they know an extensive number of Lebanese consumers’ financial lifelines are dependent on the remittances they receive from their loved ones abroad, however, these remittances costs are constantly increasing, whereas the user experience is deteriorating. The company is excited regarding the Paysend partnership, as they both offer a broadscale global reach, instant transfers, and lower costs.

Alex Budyakov, Head of Enterprise and Network Partnerships at Paysend added that the collaboration with an organisation of the likes of Purpl, which has objectives related to financial inclusion and providing money transfer services to those that have the greatest need, aligns with Paysend’s ambitions. The partnership is set to enable Lebanese people all over the globe to connect and support their family and friends through money transfers that are increasingly quick, affordable, and secure.

Purpl, Paysend offering and recent developments

Purpl is a remittance and cashout aggregator API-layered platform that enables ATM network integration and cardless withdrawal, having a predominant focus on the Lebanon market. Its remittance network and fintech solution helps consumers and businesses to send, receive, and spend at decreased costs, with an improved user experience.

Paysend is an integrated global payment ecosystem that helps consumers and businesses alike with paying and sending money online, at all times and places, no matter the currency. The company currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, offering online SMEs more than 40 payment methods.

As part of its most notable, recent developments, the company announced in January 2023 a collaboration with JMMB Money Transfer following which it enabled the company to provide deposit-to-account transfers to their Jamaican customers. In November 2022, the company made public the launch of a virtual card to offer the unbanked community in Northern Central America a solution to receive remittances from the US to a Paysend virtual Mastercard digital card. 

Mid-September of the same year, Paysend also launched an Instant Account Payments solution, following which its customers were enabled to carry out instant cross-border payments of as much as USD 100,000 for USD 1 per payment.