Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

PaySend’s latest bid to disrupt global payments

Ronald Millar, CEO of Paysend
Ronald Millar, CEO of Paysend

A pioneering Fife fintech has developed the ability to transfer money overseas by only knowing the recipient’s mobile phone number.

The innovative service is the latest bid by Kirkcaldy’s PaySend to disrupt the international payments system.

PaySend initially created a world-first system of transferring funds internationally by knowing a recipient’s 16-digit card number.

After a funding round which raised $20 million last year, the firm developed its global account — a mobile app that allows people to hold, move and spend multiple currencies.

Funds can be held in the wallet in different currencies and spent by using a physical PaySend card, which is backed by Mastercard.

The company claims its new PaySendLink service makes Swift, IBAN, sort codes and account numbers obsolete.

Ronald Millar, chief executive of PaySend, said: “We are constantly looking for ways to simplify and improve customer experience and make it even easier for the sender to initiate a transaction.

“Now all they have to do is provide a recipient’s phone number and click send.

“Forget lengthy forms and account numbers. Money transfers have never been easier with our unique platform.”

Recipient are able to see the incoming transfer and be able to immediately direct it to any Visa, MasterCard, UnionPay card or a bank account of their choice or withdraw cash at any ATM worldwide.

Mr Millar said the system sets a new standard for security.

“Besides being super convenient for the sender, PaySendLink also puts recipient’s worries at ease – they don’t have to send any personal information to a sender, only provide their phone number,” he said.

“Their personal information is entered directly into our secure platform.

“This sets a new standard when it comes to security and safety of customer data and financial information shared across borders.

“PaySend is pioneering this space by bringing our customers both in Europe and overseas unrivalled convenience and peace of mind.”

PaySend has more than 350,000 customers across Europe and operates in 70 countries.

It recently signed a strategic partnership with Vietcombank Remittance Company, which dominates all inbound money transfers in Vietnam.

rmclaren@thecourier.co.uk

Already a subscriber? Sign in

[[title]]

[[text]]