Paysend, the card-to-card pioneer and international payments platform, recently announced the expansion of its cross-border money transfer services to Colombia with MOVii, a leading mobile wallet service in Colombia. Using global payments infrastructure company Terrapay, Paysend will enable U.S. and European customers to send money to their loved ones via MOVii mobile wallets and help banked and unbanked Colombians carry out financial transactions from their mobile phones in real-time. Transferring money internationally can be challenging and time-consuming, with bank-to-bank transfers often taking multiple days. Fraud prevention and currency exchange add time and complexity to the money transfer process. Through working with Terrapay and MOVii, Paysend’s U.S. and European customers will be able to send money to friends and family in Colombia quickly, securely, and conveniently.
Global remittance plays an important role in the economic development in Latin America. Not only do cross-border money transfers increase investment opportunities and growth within the region, but it also helps to reduce poverty. International transfers with deposits to wallets or bank accounts are necessary to achieve greater inclusion and financial education. With traditional banking services evolving to become increasingly digitized, digital money transfers will continue to grow year on year and facilitate the most important financial transactions in Colombia. Trusted by more than 6 million consumers in over 150 countries globally, Paysend has grown 14,498% over the past four years and is one of the world’s fastest-growing FinTech companies. MOVii is Colombia’s first 100% digital money platform that aims to revolutionize financial inclusion by making it easier for people to pay and use their money digitally without paperwork.