The Courier & Advertiser (Fife Edition)
Kirkcaldy firm bids to disrupt international card payments system
Mobile app will allow people to make card payments abroad like a local, avoiding transaction fees
A Fife tech firm has entered the beta testing phase for its product which aims to revolutionise the international card payment industry.
Kirkcaldy-based Paysend had already developed 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 earlier this year, the Kirkcaldy-based firm has created a “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 Paysend card which is backed by Mastercard.
After arriving in a new country, a user can link the card to the currency of their choosing and pay like a local without fees or hidden transaction costs.
People can also transfer money to other Paysend users through the app.
The beta testing phase will see a number of people use the service in a real life environment.
It will gradually roll out with the firm operating a waiting list.
Paysend CEO Ronald Miller said: “This is another great first for our team.
“They have created an award winning product that changes how consumers can control and spend their money.
“We are continuing to define what money of the future is – money without borders.”
People are able to hold multiple currencies in their account as well as cryptocurrencies such as Bitcoin.
The system utilises Paysend’s existing card processing infrastructure, licence agreements and its direct relationships with Visa, MasterCard and UnionPay.
Alex Murashko, product lead for Paysend’s global account, said: “In today’s global world, we all have mobilefirst, busy lives.
“We’re building a simple money app for a new digital generation of people.
“Our product was designed to create a clear, calm experience for the customer whilst giving them complete control of their money.”