Mastercard and Paysend are entering a new global partnership as the duo will leverage each other’s networks to improve cross-border payments while serving the people of Ukraine.
Ukraine was chosen as the first market to launch this cross-border payment enhancement. The solution allowed consumers to receive real-time payments directly to their bank accounts from a vast global network.
Going forward, the partnership will go global, with Mastercard’s cross-border service solutions and payment network working with Paysend’s network to expand coverage to 100 markets.
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.»
Users will be able to access the services through the Paysend app, allowing them to safely and securely send money to friends and family in real time.
The current agreement is influenced by the long-standing partnership between Mastercard and Paysend, when they teamed up to provide near-real-time domestic and international payments to more people and businesses around the world.
Abdul Abdulkerimov, Founder & Executive Chairman of Paysend, added: «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.»
The improved ability to send cross-border payments will come at a time of dire need for people in war-entangled Ukraine who may need to send money to affected family members and friends.
Speaking at the Money 20/20 event in Europe last June, Barnett said businesses need to focus on Ukraine at this critical time, saying that despite the adverse effects of the war, Ukraine is seeing rapid growth.
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