Payments distributor PaySend has launched an option for consumers to send money internationally using just the recipient’s mobile phone number.
The new service, called PaySendLink, aims to make Swift, IBAN, and sort codes, as well as account numbers, obsolete by “streamlining its users’ experience” and offering a more simple and secure way for people to transact, according to the fintech company. PaySend has the only global card-to-card money transfer network and currently operates in over 70 countries worldwide.
Ronald Millar, CEO of PaySend, said: “We are constantly looking for ways to simplify and improve customer experience and make it even easier for the sender to initiate a transaction. Now all they have to do is provide a recipient’s phone number and click send. Forget lengthy forms and account numbers.”
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PaySend became popular with customers for allowing them to quickly transfer funds while bypassing the traditional banking system, eliminating inefficiencies associated with slow delivery speed, high foreign exchange rates, and correspondent banks’ fees. The service also allows customers based in Europe to transfer funds to any card overseas at a fixed price, using real exchange rates with no traditional fees.
With PaySendLink, recipients will able to see incoming transfers and direct them to any Visa, Mastercard, UnionPay card, or bank account of their choice, and start shopping or withdraw cash at any ATM worldwide.
Miller added that on top of being convenient for senders, the new service has the potential to put recipients’ worries at ease, as they will no longer have to share their personal information and bank details with senders. Instead, they will only have to provide their phone number, as their personal information will be stored in PaySend’s secure database.
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“This sets a new standard when it comes to security and safety of customer data and financial information shared across borders,” he said. “What’s more, it’s a recipient who decides where [they] want to direct the incoming transfer to — their bank account, debt, or credit card.”