Mastercard and Paysend today announce a new partnership to improve the cross-border payments experience for dozens of markets globally, with Ukraine the first country already benefiting from new near real-time payment options.
Both companies will take advantage of each other’s respective networks and capabilities to enable more people around the world to send and receive payments in near real-time, directly to bank accounts and to the vast majority of cards across multiple networks.
The partnership brings benefits to both Paysend and Mastercard. By utilising Mastercard’s Cross-Border Services solution and its payments network – which reaches over 100 markets and 90% of the world’s population – Paysend will be able to expand the number of countries it can reach, enabling more people and businesses around the world to benefit from its money to account services.
For Mastercard, the collaboration with Paysend will allow it to offer – through its Cross-Border Services – customers the ability to send international payments to almost any card regardless of whether it is Mastercard branded or another card scheme. This expands the number of payout options Mastercard can offer, on top of accounts, digital wallets, and payout locations.
The new cross-border payments services from Paysend and Mastercard are now live in Ukraine, enabling people to receive remittances to almost any card from friends or family abroad. These funds could provide essential support for people struggling during the war. The services will continue to be rolled to other countries around the globe, so more people and businesses can benefit from simple, secure and near real-time cross-border payments.
Mark Barnett, President of Europe, Mastercard, said: “The cross-border payments network is key to supporting a well-functioning global economy and our partnership with Paysend will ensure that together we meet the needs of consumers and businesses. Importantly, by starting this collaboration in Ukraine we can help those impacted by the war to have greater certainty, speed and choice over how they receive money at this very difficult time.”
Abdul Abdulkerimov, Founder & Executive Chairman, Paysend, said: “Our customers – whether individuals or businesses – expect to be able to make and receive cross-border payments quickly, securely and conveniently. Together with Mastercard we are making this a reality through an improved customer experience that meets evolving demands and expectations.”
Inga Andreieva, General Manager, Mastercard Ukraine and Moldova, said: “It is our critical role as a technology company to harness modern payment technologies in a way that helps to address the most urgent needs of our consumers. Today, Mastercard and Paysend’s partnership is already enabling Ukrainians to seamlessly receive payments to their cards from friends or family around the world, and we believe it will bring even more cross-border payment opportunities to our consumers further.”
Using Paysend via app, tablet or laptop, consumers can now transfer funds to their friends and family in near-real time, safely and securely to countries all over the world. The funds can be received in the local or any supported currency without hidden fees or charges.
The announcement builds on Mastercard and Paysend’s longstanding partnership, which is making near real-time domestic and international payments a reality for more people and businesses around the world. In the Americas, for example, unbanked users in Northern Central America (Guatemala, Honduras and El Salvador) can now send funds directly from the U.S. to a Paysend virtual Mastercard card.
This innovative payment technology will be available in several countries around the globe by the end of this year.