Paysend launches global money transfers to Uzbekistan
Paysend, the Edinburgh based fintech business, has launched global money transfers to Uzbekistan, expanding its worldwide footprint for its Global Transfers service.
Paysend has launched online international money transfers in Uzbekistan in partnership with regional bank Ipoteka-Bank and the technical integrator PAYMO.
Uzbeks receive some $2.8bn per year (US dollars) in global transfers, according to the latest data from the World Bank. Russia is the leading country to send money to Uzbekistan accounting for nearly the whole amount.
Dmitry Palchikov, head of global transfers at Paysend, said: “Uzbekistan is an important global money transfers market. Very often these transactions are life-changing for those that receive them. We want to support these people by making what was once laborious, slow and expensive, simple, quick and low cost.
“Launching in Uzbekistan with the Ipoteka-Bank partnership is an important step for us to cement our position as number one for money transfers regionally.”
Launched just two years ago, Paysend’s card-to-card global money transfer service now has over 1.2 million users across more than 70 countries worldwide.
Paysend’s growth stems from the emergence of increasingly mobile segments of the workforce and the continued increase in international students. These are people who live and work in one country while often financially providing for, or relying on, others in another country.
World Bank figures show that there are now 270m people worldwide who live outside their home country, sending an estimated $689bn home. This is almost ten times as much as it was in 1990.
Mr Palchikov added: “Our unique Global Transfers service enables customers to move money in an instant anywhere in the world. With fixed and transparent fees, our service ensures that more of our customers’ money is enjoyed by those they care about.”
Paysend charges the same transfer rate, regardless of whether it is buying or selling a currency. This means Paysend has the lowest money transfer fees on the market: 49 RUB from Russia, 199 KZT from Kazakhstan, 1.50 EUR from Europe.