Mastercard and UK-based FinTech Paysend have expanded their collaboration to enhance cross-border payments for small and medium enterprises (SMEs), which are looking for ways to send money across the globe quickly and securely.
While digital payments are seeing strong growth with two-thirds of SMEs sending and receiving cross-border payments through mobile apps according to Mastercard’s 2022 Borderless Payments Report, challenges still exist around transparency and predictability.
39% of SME respondents said that cumbersome cross-border payments slow their supply chain and one quarter reported that suppliers had refused to work with them because of uncertainty over payment times.
Mastercard and Paysend are working together to enable SMEs to send and receive payments to and from a range of developed and emerging markets quickly 24/7 and 365 days a year.
This latest joint solution from Mastercard and Paysend, called Open Payment Network, orchestrates end-to-end payment flows, from initiation to settlement, and enables near real-time payments through connections with local network partners and instant payment schemes.
Mark Barnett, President, of Mastercard Europe said, “We are excited to deepen our collaboration with Paysend to empower small and medium businesses to pay and get paid promptly. At Mastercard, we are committed to helping SMEs grow and thrive in the digital economy.”
“With a shared vision to provide innovative financial products and solutions to our customers, Mastercard has been a key collaborator to us on our journey to improve the efficiency of the financial system and make cross-border payments safe, fast, and convenient,” said Abdul Abdulkerimov, Co-Founder and Chairman, Paysend. “The Open Payment Network empowers SMEs to transact globally with ease, ensuring timely and secure payments at every step of the way.”
Paysend has also joined the Mastercard Send Partner Program, which helps FinTechs, acquirers, processors, and platforms deliver near real-time digital payments to their customers.
Paysend will benefit from Mastercard’s network reach, enabling the company to open up new corridors between Europe and the rest of the world for person-to-person transactions.
