Card Payment Giant Visa And Paysend Extend Their Strategic Partnership
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Visa and Paysend have announced a continuation of their strategic partnership, a deal that will facilitate their global money movement via Visa Direct.
According to the arrangement, Visa and Paysend will expand the scope of their previous CurrencyCloud collaboration. The partnership will see both companies expand their global reach beyond domestic and international coverage. Paysend announced the extension of the collaboration via X (formerly Twitter)
Their expansion plans include joint marketing arrangements in significant areas such as the US-LATAM marketplace.
Visa Supports Over 170 Countries Through Its VisaNet Global Network
Through the Visa Direct Program, Visa will use its VisaNet global network to support more than 170 countries. Through the partnership, the card processing giant will also take advantage of Paysend’s broad market, with seven million customers.
Both companies also prioritize providing solutions to payment difficulties for small and medium business customers. Already, Paysend has a similar partnership deal with another card processing giant, Mastercard.
The Mastercard/Paysend partnership, called Open Payment Network, focuses on SMEs’ emerging needs for a broader end-to-end payment process. The collaboration also offers support for payment transfers, while the partnership between Paysend and Mastercard will help to solve supply-chain issues. These challenges have been preventing growth among small-scale businesses and their customers and vendors across the globe.
The partnership between Mastercard and Paysend is also an expansion of an initial deal between both companies.
Mastercard and Paysend will collaborate to facilitate real-time payments through links with instant payment schemes and local network partners. This will ease global transactions for SMEs, ensuring secure and timely payments at every step.
Paysend To Utilize Visa Direct’s transfer Feature
The partnership between Visa and Paysend will enable both companies to use a tailor-made approach to deliver competitive rates in the market on the money movement rails for Visa Direct.
Paysend will leverage card networks’ advantage to bridge the gap, especially for countries underserved by legacy banking infrastructure. This will be swifter than through the traditional money transfer channels, which will create a significant advantage regarding service speed and cost.
Global Head of Visa Direct, Ruben Salazar, commented on the partnership deal. He noted that both firms want to build a secure and efficient money movement network that will enable faster and more efficient transfer of funds internationally.
Paysend is also expanding its collaborations with other card-payment giants. The company said it wants to facilitate speedy transfers globally.
Abdul Abdulkerimov also commented on the deal with Visa. “Our mission at Paysend is simple – to deliver the world’s simplest money transfer service,” he stated, adding that the firm’s partnership with Visa will make this possible.
