Payments

Mastercard and Paysend Enhance SME Cross-Border Payments Partnership

SME Cross-Border Payments Get Boost from Mastercard and Paysend
  • The Open Payment Network streamlines global SME transactions, ensuring prompt and secure payment processing at every stage.

  • Despite digital payment growth, SMEs still face transparency and predictability challenges in cross-border transactions, as per Mastercard's 2022 Borderless Payments report.

  • As per the report, 39% of SMEs cited sluggish cross-border payments as hampering supply chains, with 25% reporting supplier refusals due to payment timing uncertainties.

Mastercard and Paysend have formally solidified their ongoing partnership, marking a significant milestone in their shared commitment to enhancing the efficiency and effectiveness of cross-border payment services explicitly tailored to the needs of small and medium-sized enterprises (SMEs). This renewed collaboration underscores their dedication to addressing the intricate challenges faced by SMEs engaged in global trade, aiming to provide innovative solutions that facilitate seamless international financial transactions, foster business growth, and bolster economic resilience for these vital enterprises.

This initiative, referred to as the 'Open Payment Network,' directly responds to the increasing need from SMEs for reliable and secure solutions that can facilitate prompt international fund transfers and vendor payments. It will manage the entire payment process, from inception to finalization, facilitating instantaneous fund transfers through established connections with local network affiliates and real-time payment systems.

Mark Barnett, President of Mastercard Europe, expressed enthusiasm about strengthening the collaboration with Paysend to enable SMEs to conduct instant transactions globally, regardless of time or location. He emphasizes Mastercard's steadfast commitment to fostering the advancement and success of SMEs in the digital economy.

Abdul Abdulkerimov, Co-Founder and Chairman, Paysend remarked,

With a shared vision to provide innovative financial products and solutions to our customers, Mastercard has been a key partner to us on our journey to improve the efficiency of the financial system and make cross-border payments safe, fast and convenient.

[Source: Cision PR Newswire]

Furthermore, Paysend has become a Mastercard Send Partner Program member, designed to assist fintech companies, acquirers, processors, and platforms in providing nearly real-time digital payments to their clientele. The company will leverage Mastercard's extensive network to establish additional channels for person-to-person transactions connecting Europe with other regions worldwide. This initiative is an essential component of Mastercard's objective to facilitate an all-encompassing digital economy that yields advantages for individuals across the globe.

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