New pacts on remittance industry from around the globe.
Remittances are seeing a global boost in digital payments even while the physical ones decreased as the pandemic set in. Remitly, focused on remittances, raised $85 million for its business, while other companies like MoneyGram and Western Union are readying themselves for what could be a major, permanent shift in how money moves across borders. Digital payments have been favored as of late, as people avoid going out to public spaces due to the coronavirus. More and more fintech firms are trying to catch the digital wave and new alliances are being formed some of which are as under:
UK-based fintech company paysend partners with Alipay
UK-based fintech company Paysend has partnered with Alipay to provide its users with a cross-border money transfer capability. The agreement is a step forward towards creating a more inclusive and accessible global money transfer market, as Alipay, China's largest mobile payments business operated by Ant Group, currently serves about 1.3 billion users around the world together with its local e-wallet partners. Moreover, Paysend is licensed and regulated by FCA in the UK and already services over 2 million customers in over 45 countries. Under the partnership, Paysend will facilitate overseas users to send money across borders through licensed banks in China, with the funds reaching bank accounts linked to the Alipay app. Therefore, the company expects the collaboration to benefit migrant workers around the world, particularly in Asia, where it has a foothold in the money transfer market through local partners. Furthermore, Paysend has its own global network of banks, international, and local payment systems, and has partnerships with the major international card networks Visa, Mastercard, and China Union Pay as a...
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