Paysend, a financial tech company based in the United Kingdom has been licensed to meet operations in Canada, for a move which will widen the reach of the business around the world. The company has received an MSB (money service business) license in a first move to increase its penetration deeper into North America.
According to the license, customers of Paysend will be able to instantly transfer money around the globe for a fixed fee. The service is set to be made available for Canadians from early 2020. Paysend initiated operations around 2 years back, offering clients a card to card international money transfer service. The company claims to have around 1 million users internationally.
The services are currently available in 45 countries and processes a wide range of currencies. The success of the service has been attributed to a highly mobile workforce and the rising numbers in terms of international immigration.
Visa, Mastercard and UnionPay Partner with Paysend
Ronald Millar, the CEO of Paysend stated: “Canada is home to a large number of immigrants, most of whom regularly send money to their families back home. Very often these transactions are life changing for those that send or receive them. We want to support these people by making what was once laborious, slow and expensive, simple, quick and with a minimal cost. Moving into Canada is a significant step for Paysend global expansion plan, establishing a firm foothold in North America which is a massive opportunity.”
Timur Shomansurov, Paysend’s country manager for Canada stated: “I’m excited that soon Canadians will be able to access a money transfer service that prioritizes convenience, accessibility and low fees.” According to data disclosed by the World Bank around 270 million people on a global scale live in places apart from their home countries. This activity results in approximately USD 689 billion being transferred.
UnionPay, Visa, and Mastercard are collaborating with Paysend to increase payment speeds. The company website states: “Our own state-of-the-art processing center is connected to the global banking network, so we can track all transactions and keep you informed on the status of every transfer. We would debit your card instantly and credit your recipient’s card depending on the processing capabilities of the issuing bank in the destination country.”
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