Paysend has collaborated with Western Union to increase international access to cross-border money transfers.
Following the integration, Western Union customers will gain access to the Paysend platform to make payments to cards, accounts and wallets, as an alternative to the traditional cash pick up service.
The partnership will look to tap into the growing global remittances market, which the World Bank reported grew 5% in 2022 to reach an estimated value of more than $800bn driven by the need to support struggling communities around the world.
Sheryl McKenzie, Chief Product Officer, Western Union, commented: “Western Union and Paysend share an unwavering commitment to place our customers first, while providing an exceptional experience when sending money to friends and family.
“This agreement gives our customers more choice, convenience, and access to affordable financial services, at the same time, helping build better lives for countless people around the world.”
The latest development follows a recent co-led pilot program by both companies that offered the option to send money from the US and the UK to Pakistan and Spain. More countries will also be soon added to the pilot.
Abdul Abdulkerimov, Executive Chairman and Co-Founder of Paysend, added: “Paysend’s mission is to make money transfer easier for everyone. We are thrilled to join forces with Western Union, a company known for its global reach and commitment to financial inclusion. Together, we will empower millions with accessible cross-border money transfer services.”