Global end-to-end payments provider Paysend reports that more than 150,000 new U.S.-based customers have used its platform during the last three months to send digital money transfers across borders, according to a press release.
“During times of uncertainty, individuals in emerging economies are even more reliant on fast and affordable cross-border payments from those in the United States. Digital transfers offer a much-needed alternative to traditional money exchange methods,” said Paysend CEO, Ronald Millar in the press release. “Since the start of the global pandemic, more than one million new global users have joined Paysend’s platform to send money to friends and family around the world. Our successful entry into the U.S. market in Q3 is certainly helping to fuel our global momentum.”
Following the company’s stateside launch in September amidst the pandemic, Paysend experienced a 25% increase in U.S. outbound transfer activity between September and October. This rapid growth occurred as American residents, including large populations of immigrants, expatriates and foreign exchange students, adopted the platform to securely transfer funds to international accounts located across more than 70 countries in minutes — without visiting a physical bank location.
“With hundreds of American financial institutions shuttering physical branches or limiting access due to COVID-19, it’s now even more difficult for consumers to send money to family and friends across borders,” said Matt Montes, Paysend’s U.S.-based general manager in the press release. “Paysend’s platform fills the void that has long existed in America for a low-cost, convenient method to send money abroad, without charging the erroneous fees that have become synonymous with traditional transfer methods.”