Meet Paysend’s global account, a new way to hold, spend and send money in multiple currencies using a mobile app and a card.It looks a lot like Revolut’s basic features.But the company is trying to provide a more focused and robust experience from day one.We own and control our own processing and this gives tremendous ability and flexibility to deliver a wide variety of services whilst controlling the entire consumer journey,” Head of Product Alex Murashko told me.We believe in simplifying the consumer experience so that instead of feeling like they are bombarded with a long list of features they have available a focused group of benefits.”And it’s true that Revolut has launched so many different features that it’s hard to keep track of what you can do with your Revolut account.
Market OverviewThe Global Digital Money Transfer & Remittances Market is expected to grow at a high CAGR during the forecasting period (2020-2027).Digital money transfer and remittances refer to sending the money to another person with the help of the digital platforms.For instance, in February 2020, Paysend had a launch of its money transfer services in Australia.Payment's services would be used in the $1.3 trillion economies to send funds to companies located abroad.In November 2019, Azimo, a London-based money transfer service had launched its new Dutch subsidiary Azimo BV for creating a separate operations hub for the management of transfers sent from outside the United Kingdom.The move marks the anticipation of Brexit amongst FinTechs in the United Kingdom.However, the lack of the awareness and guidance regarding the digital money transfer & remittance services shall hinder the market growth.The international money transfer includes the electronic transfer of funds in a specific currency and amount to the friend, relative, customers, clients, or company overseas.The drastic market growth is expected to observed in the developing countries such as India, and China as there are large number of the people engaging with their overseas counterparts for education, business, entertainment-related activities, and other activities that involves the money transfer overseas.
With more people than ever before going online to pay for things and pay each other, startups that are building the infrastructure that enables these actions continue to get a lot of attention. In the latest development, Paysend, a fintech that has built a mobile-based payments platform — which currently offers international money transfers, global […]