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Paysend Introduces New Payments App

The new mobile app from Paysend, Paysend Link, enables users to send money to anyone, anywhere, with just the recipient’s mobile phone number.

“We are constantly looking for ways to simplify and improve (the) customer experience and make it even easier for the sender to initiate a transaction,” Paysend CEO Ronald Millar said. “Now all they have to do is provide a recipient’s phone number and click send.”

Available in the iOS and Google Play app stores, PaySend Link enables fund recipients to see the incoming transfer and direct it to their Visa, Mastercard, or UnionPay card. The recipient can then immediately use the funds for transactions or withdraw the funds as cash at any ATM. PaySend added that it will make fund transfers directly to bank accounts available “soon.”

Millar pointed out that one of the advantages of PaySend Link is that it doesn’t require the exchange of personal information. “This sets a new standard when it comes to security and safety of customer data and financial information shared across borders,” Millar said. “What’s more – it’s a recipient who decides where they want to direct the incoming transfer to – their bank account, debit, or credit card.”

Founded in 2016 and headquartered in London, Paysend demonstrated its Global Account at FinovateSpring 2018. The account enables users to store fiat and crypto currencies, move funds between different currencies, transfer funds to other Global accounts or crypto wallets, and make purchases online or in-person. The account also comes with a prepaid card (both physical and virtual) to facilitate in person transactions and make cash withdrawals.

Earlier this year, the company announced that it would support money transfers to bank accounts in 34 European countries. Paysend began 2019 with news that it had forged a payments partnership with Vietcombank. The company has raised $20 million in funding, and includes MARCorp Financial and Digital Space Ventures among its investors.