In essence, this new agreement with Western Union aims to facilitate seamless and efficient cross-border money transfers, as the integration with Western Union will enable consumers to send funds through Western Union's branded digital solution directly to Visa and Mastercard debit cards.
In the company press release, officials from Paysend expressed their enthusiasm for the collaboration, emphasising Paysend's mission to simplify money transfers for all. They also talked about Western Union and described it as a company known for its global reach and commitment to financial inclusion.
The company press release further cites data provided by the World Bank in 2022, which reported that remittances increased by 5%, surpassing USD 800 billion, playing a pivotal role in supporting communities and fostering economic growth. Paysend's single API solution aims to support the smooth processing of Western Union customer payments directly to Visa and Mastercard debit cards, providing near-instant payouts at live foreign exchange rates.
Representatives from Western Union highlighted the commitment of both Western Union and Paysend to prioritise customer experience and deliver a satisfactory experience when sending money to friends and family. They also talked about this new agreement and its potential to provide customers with more choice, convenience, and access to affordable financial services.
The two organisations have recently initiated a pilot programme, allowing users to send money from the US and the UK to Pakistan, the UK, and Spain, with plans to expand to additional countries in the near future.
Paysend is a UK-based integrated global payment ecosystem established in April 2017. The company offers more than 40 payment methods and has engaged in global partnerships with major card networks, including Mastercard, Visa, and China UnionPay.
This partnership with Western Union represented the latest development in an active period for Paysend, following the company's network expansions with Visa and Mastercard announced in September 2023. Earlier in August 2023, Paysend worked with Israel-based fintech Okoora, and through this partnership, Paysend reportedly gained API access to Okoora’s ABCM artificial intelligence-powered hub that could potentially allow it to make payments to all Israeli clearinghouses.
On top of that, Paysend reportedly leveraged Okoora’s Virtual Israeli Shekel (ILS) international bank account number (IBAN) solution for its Shekel transactions, thus simplifying the intricacies of conventional banking processes.
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