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Paysend Extends Its Money Transfer Service to Columbia Through TerraPay and MOVii Partnership

The UK payments platform Paysend is to extend its cross-border money transfer services to Colombia through its recent collaborations with TerraPay and MOVii; Colombia’s primary mobile wallet service.

Utilising the payments infrastructure of TerraPay, Paysend will enable customers from both the US and Europe to send money to Columbia via MOVii mobile wallets. Such a move is poised to help the country’s banked and unbanked populations to complete real-time financial transactions from their mobile phone.

Transferring money internationally is a process that’s frequently mired by time constraints, with bank-to-bank transfers often taking multiple days to complete. The necessity for fraud prevention and currency exchange adds further time and complexity to the process.

Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend
Alex Bessonov

“This is another important next step in expanding Paysend’s capabilities across Latin America,” explains Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend.

“By partnering with TerraPay and MOVii mobile wallets, we’re committed to providing low-cost, accessible, peer-to-peer payments for our US and European customers and enable them to transfer money to their friends and family in Colombia.”

Through working with TerraPay and MOVii, Paysend’s customers on both sides of the pond will be able to send money to Colombian accounts quickly, securely and with convenience.

Jairo Riveros, Chief Strategy Officer and Managing Director for the USA and LATAM at Paysend
Jairo Riveros

Speaking on the importance of global remittances to the economic prosperity of Latin America, Jairo Riveros, Chief Strategy Officer and Managing Director for the USA and LATAM at Paysend said: “Not only do cross-border money transfers increase investment opportunities and growth within the region, but it also helps to reduce poverty.

“Since nearly half of Paysend’s digital money transfers are sent from the US to Colombia, we’re continually finding new ways to help our customers stay connected to loved ones and minimise any burdens.”

International transfers with deposits to wallets or bank accounts are necessary to achieve greater inclusion and financial education. With traditional banking services evolving to become increasingly digitised, digital money transfers will continue to grow year on year and will facilitate the most important financial transactions in Colombia.

MOVii CEO Hernando Rubio
Hernando Rubio

“In recent years we have seen how the migration of Colombians to different parts of the world has grown and likewise the sending of family remittances has increased,” comments MOVii CEO Hernando Rubio.

“For this reason, at MOVii we want to make life easier for those who receive resources from their friends and family, partnering with Paysend, where users can access their application or website and send remittances to Colombia by debiting their debit or credit card at costs. very low. And we are happy to know that together we are going to change the lives of millions of Colombians.”

Paysend has become one of the fastest-growing fintechs in the industry, increasing its footprint by 14,498 per cent over the course of four short years. As such, its money transfer service is currently being utilised by 6 million customers from over 150 countries across the world.

Paysend has been working overtime to double down its paytech presence in LATAM. Having previously acquired the Peruvian eCash and open banking payments provider PagoEfectivo, Paysafe soon completed a similar deal with SafetyPay; a payments platform, also based in LATAM, that enables e-commerce transactions to happen via open banking and eCash solutions.

SafetyPay holds a presence in a total of 11 countries in the region and operates through 180,000 cash collection points and a web of interconnected banking networks.

MOVii, on the other hand, is the first purely digital money platform to operate in Colombia, and has stated how it hopes to revolutionise financial inclusion by making it easier for people to pay and use their money digitally; without the need to complete paperwork.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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