UK-based Paysend, has announced that its globally recognised money transfer service is available for American consumers, providing an alternative solution for cross-border transactions.
The company’s move to the US is enabled by Paysend’s new partnership with Central Payments, the payments subsidiary of Central Bank of Kansas City. Based on Paysend’s processing system, American residents can send funds to a bank account in 70 countries within minutes, without visiting a physical bank location.
Paysend is launching its American operations on the West Coast under the leadership of Matt Montes, who will serve as general manager of the company’s US business.
While the US is home to the largest global transfer market in the world, with users transferring more than USD 148 bln internationally every year, consumers struggle to find fast, affordable and convenient means of transferring money across borders. According to recent data from Pew Research Center and the World Bank, Paysend press release mentioned that the countries receiving the most remittance payments from the US are Mexico (USD 30 bln), China (USD 16 bln), India (USD 11 bln), Philippines (USD 11 bln), Nigeria (USD 5 bln), and Vietnam (USD 7 bln).
In these developing countries, money transferred from the US often represents meaningful income for families, financial aid during a crisis, support for students abroad, and more.
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