In a joint effort to speed up global money transactions while ensuring they're secure and smooth, Ruben Salazar, the person at the helm of Visa Direct, and Abdul Abdulkerimov, the Co-founder and Chairman of Paysend, stress the crucial role of ease-of-use. This common vision underpins Visa's and Paysend's intensified strategic partnership, designed to facilitate real-time money transfers for Paysend's global clientele to Visa-eligible accounts across a vast landscape of 170 countries and territories.
During a conversation with PYMNTS about their extended five-year collaboration revealed on September 14, Salazar emphasized that domestic payment flows have seen advancements, but cross-border money movements still require innovation. "International financial transactions often hit roadblocks of complexity and doubt. We're zeroing in on streamlining these operations to ensure an effortless experience for consumers and businesses around the world," said Salazar.
A pivotal element of this partnership is its ability to execute transactions almost instantly. This is enabled by Visa Direct, Visa's real-time payment infrastructure that links a staggering 3.4 billion cardholders globally within moments. Abdulkerimov notes that this quick payment feature has been a significant upgrade, enhancing the money-transfer journey for consumers, not just in the UK, but globally.
Drawing a parallel with WhatsApp, Abdulkerimov commented, "In an age where people are accustomed to receiving information at lightning speed, financial transactions have been a slowcoach. Filling this speed gap in the finance world is revolutionary in cutting down expenses and enhancing service velocity."
Creating a Streamlined and Broad-based Financial Platform
Beyond speed, Salazar also touched upon Visa Direct's supplementary services, like stringent security safeguards, as key in revamping the disjointed global finance transfer sector. "The transaction process is not only quick but also crystal-clear and secure, presenting a major upgrade over older financial models," stated Salazar.
This collaboration aspires to not only leverage card network capabilities over outdated financial transfer systems but also to tackle core problems faced by users during international transfers—specifically, speed, cost, and ease of use. "We're not aiming to phase out existing methods but to craft a more accessible and straightforward financial product that appeals to a broader audience," clarified Abdulkerimov.
At its core, the intensified partnership between Paysend and Visa doesn't just stop at expediting card-based money movements; it also integrates technologies aimed at widening financial inclusivity. Special attention is given to reach the unbanked and those marginalized by traditional banking systems, particularly in cash-reliant economies.
"Our vision is holistic; we want to broaden access to financial systems, not only for existing bank account holders but also for those who are currently marginalized," Abdulkerimov summed up.