Paysend’s multi-currency Global Account launches in Europe
Leading UK-based fintech Paysend launches fee-free mobile money account with multi-currency wallet and new payment features
UK-based fintech Paysend has launched the Global Account, its international mobile money account. The Global Account aims to help consumers save up to £2bn in currency conversions when spending money abroad or on overseas websites.
Analysis from Paysend reveals that consumers could save up to £1.25bn in fees when spending abroad and up to £996m when buying from overseas websites every year, using a traditional bank card.*
The Global Account enables users to pay, hold and spend their money when travelling through a multi-currency wallet, removing many of these fees.
Abhishek Tripathi, Head of Business for Paysend Global Account, said: “We have been working hard to enable the best Paysend technology to really deliver an amazing product experience. That’s why our new Global Account, which makes it easier for people to pay, hold and spend money globally is a truly innovative product. The multi-currency wallet transforms the Paysend Mastercard into a local currency card wherever users are.”
Paysend’s Global Account incorporates a multi-currency wallet, which now consisting of the world’s top six currencies including Chinese Yuan. It makes it simple to switch value between currencies using the mid-market exchange rate and pay in local currency using the Paysend Mastercard or in-app virtual card.
The new Global Account also enables customers to transfer money internationally from within the app directly to other Global Account users. This seamlessly integrates Paysend’s popular global money transfer service, Global Transfers, into a single app. The Global Account also includes the a paylater feature that provides users with up to £200 credit to make purchases, with interest-free repayments over 14-days.
Alberto Macciani, CMO at Paysend, said: “We live in a world which seems to want to put up new borders, so we need innovative ways of helping people to overcome those. Millions of people travel each day and struggle with the cost and complexity of traditional products and services. Our new Global Account gives everyone the opportunity to manage their money more efficiently and seamlessly in a global world.”
The launch of the Global Account builds on the success of Paysend’s Global Transfers service, now used by more than 1.5m people globally. With fixed, transparent and low fees, Paysend is on a mission to ensure that more of its users’ money reaches they people they care about, rather than being lost in additional charges and hidden fees.
Notes to editors
Paysend is a global Fintech company born in 2017, based in UK and regulated by FCA.
Paysend has its own global network of banks, international and local payment systems and is partnering with the major international card networks: Visa, Mastercard and China Union Pay as a principal member and certified processor.
Servicing clients in over 80 countries, Paysend enables instant cross border as well as local payments in a way which is simple and smart. Paysend’s unique card to card and proxy card technologies already serve over 1.5m customers. Paysend is money for the future.
· On foreign websites: UK consumers spent £106.46bn on eCommerce in 2019. Around 34% is through foreign websites. This is £36.2b on foreign websites. Multiplied by the average (most common) non-sterling transaction fee of 2.75% is £996m
· On overseas travel: UK consumers spend 45.4bn when travelling abroad. Multiplied by the non-sterling transactions fee of 2.75% is £1.25bn
· Assumptions: that everyone uses a debit card with a 2.75% fee
· UK eCommerce data: https://www.emarketer.com/content/uk-ecommerce-2019
· Spending on overseas websites: https://www.whistl.co.uk/news/buying-and-selling-internationally
· Spending on travel money: https://www.finder.com/uk/outbound-tourism-statistics