Home Business NewsBusinessBanking News Paysend set to unlock $4.5bn in annual savings for consumers and small businesses

Paysend set to unlock $4.5bn in annual savings for consumers and small businesses

by LLB Finance Reporter
26th May 21 8:29 am

Paysend, the card-to-card pioneer and international payments platform, is on a mission to change how money is moved around the world by making payments cheaper and simpler. The UK-based company offers international card-to-card money transfers across the globe for a fixed fee of £1. Paysend’s card-to-card payments are set to unlock $5.4bn in savings each year for consumers and businesses by 2025. To achieve this, the company has set out plans to invest in developing new services and expansion into new geographies following a $125m fund raise.

Paysend is taking a customer-first approach to international payments, offering significant cost savings for people and businesses to any alternative in the current market. 70% of international payments are currently cash-to-cash, inflicting consumers and businesses with fees of up to 5.2 % per transaction and an hour spent by both the sender and recipient to complete each transfer. Paysend’s card-to-card solution reduces fees to only 2% or less, with instant transfers through the Paysend app. A once laborious and slow payments process can now be completed quickly and easily.

Another major issue facing consumers is that globally, 1.7 billion adults remain unbanked* -without access to traditional banking facilities. Paysend’s international card-to-card payment provides immediate access to transfer cash to any card holder around the world. Access to finance is an essential factor for the United Nations in reducing global inequality. Paysend promotes financial inclusion by providing the ability for anybody to send money easily and cheaply, without the need for traditional banking facilities.

The app is downloadable from Google Play or Huawei AppGallery and is simple and easy to use, connecting 12 billion consumers and businesses globally.

Ronnie Millar, CEO at Paysend said, “The current international payments market is difficult to navigate and expensive to use for consumers around the world. Paysend’s vision is to develop a global payments system that puts customers first and is available to all. Our technology allows customers to pay and send instantly anywhere, anyhow, any currency. This saves time, saves money and connects millions of people and businesses around the world. I am excited by the future for our company and the positive impact we can have on the financial lives of our customers as we look to launch new services and grow in new markets.”

Individuals can send money and track their transfers anytime, anywhere. The Paysend app is available on the App Store, Google Play or Huawei AppGallery. The App QR code is also available from the Paysend website and is fully functional for mobile use. Customer service support is available in-app, on webchat, and via email or phone.

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