Card-to-card payments platform Paysend is partnering with Brazilian instant payment platform Pix to expand its money transfer services.
The proposed expansion into Brazil will allow Paysend users to make transactions to the country more efficiently via Pix’s platform.
Through a pre-existing relationship with Banco Rendimento, a foreign exchange market in Brazil, Paysend enables its users to make instant transfers and transactions to Brazilian banks, and it is available to all countries worldwide.
Paysend has recently been reaching out to expand globally, having recently offered it’s services to consumers in China.
“The partnership between Banco Rendimento and Paysend will help enable customers all over the world to better connect and move funds to their friends and family in Brazil who need their support most,” remarked Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend.
“They will experience more affordable rates for transferring money as well as far quicker processing times for funds to reach the recipient. By utilising Paysend’s easy-to-use app, simple phone number and text ID verification will automatically link users to Paysend’s interface and allow them to transfer funds instantly.”
The volume of Pix payments in Brazil equates to 80% of all debit and credit card transactions, according to central bank data. In addition, it is estimated that 30,000 Pix transactions are processed every minute each day.
Jacques Zylbergeld, Superintendent of Banco Rendimento commented: “It is a pleasure for Banco Rendimento to provide Paysend’s millions of customers with the advantages and ease of payment via Pix.
“As a foreign exchange specialist and pioneer in the Brazilian market, Banco Rendimento constantly invests in technology, aiming to provide the best experience to its partners and users, in line with the best compliance practices.”