Mastercard and Paysend expand global partnership to enhance cross-border payments for SMEs



Mastercard and Paysend, a UK-based fintech, have today expanded their partnership to enhance cross-border payments for small and medium enterprises (SMEs), which are increasingly looking for ways to send money or pay vendors across the globe quickly and securely.

While digital payments are seeing strong growth with two-thirds of SMEs sending and receiving cross-border payments though mobile apps according to Mastercard’s 2022 Borderless Payments Report, challenges still exist around transparency and predictability. 39% of SME respondents said that cumbersome cross-border payments slow their supply chain and one quarter reported that suppliers had refused to work with them because of uncertainty over payment times.

Mastercard and Paysend are working together to enable SMEs to send and receive payments to and from a range of developed and emerging markets instantly 24/7 and 365 days a year. This latest joint solution from Mastercard and Paysend, called Open Payment Network, orchestrates end-to-end payment flows, from initiation to settlement, and enables real-time payments through connections with local network partners and instant payment schemes.

Mark Barnett, President, Mastercard Europe says: We are excited to deepen our partnership with Paysend to empower small and medium businesses to pay and get paid instantly at anytime, anywhere. At Mastercard, we are committed to helping SMEs grow and thrive in the digital economy.”

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,” says Abdul Abdulkerimov, Co-Founder and Chairman, Paysend. The Open Payment Network empowers SMEs to transact globally with ease, ensuring timely and secure payments at every step of the way.”

Additionally, Paysend has also joined the Mastercard Send Partner Program, which helps fintechs, acquirers, processors and platforms deliver near real-time digital payments to their customers. Paysend will benefit from Mastercard’s network reach, enabling the company to open up new corridors between Europe and the rest of the world for person-to person transactions. The program is an integral part of Mastercard’s mission to power an inclusive digital economy that benefits everyone, everywhere.

Today’s announcement expands the long-standing relationship between Mastercard and Paysend.

Zoltán is a self-taught publisher and events organizer who has developed several brands and services that have increased the notoriety of his company within multi-billion dollar industries. In 2018, he has become a TEDx speaker and talked about reputation management in the digital era. As Co-Founder of HIPTHER Agency, Zoltan has helped develop highly respected online news portals, virtual and in-person conferences that cater to multiple industries on 5 continents. Among the developed brands and services you can find online news portals that cover several tech industries, gaming, blockchain, fintech, artificial intelligence, and more. In parallel, the company has built a portfolio of annually organized boutique-style conferences in Europe and North America. All the events organized by his company focus on bringing a wealth of information about the latest innovation in several industries such as Entertainment, Technology, Gaming and Gambling, Blockchain, Artificial Intelligence, Fintech, Quantum Technology, Legal Cannabis, Health and Lifestyle, VR/AR, eSports and many more. Zoltan enjoys writing articles on all portals owned by the HIPTHER Agency, talking at conferences, hosting the weekly HIPTHER Talks Podcast, and loves spending time with his family. Zoltan is a duathlete who enjoys training for different international competitions which include running and cycling.