Across the world, Covid-19 has reshaped our financial lives, with economic uncertainty accelerating financial polarisation and local lockdowns increasing the adoption of digital technologies to help manage consumers’ changing financial needs.
Against this backdrop, foreign workers have been one of the most severely impacted demographics given their employment exposure to the sectors hit hardest by the pandemic. This exposure has led to a significant decline in the amount of money sent abroad to their families and friends back home with the World Bank predicting a 21% decrease in dollar flow this year.
In the face of these challenges, fintech payment and money transfer platforms like Paysend provide an easier, more convenient, and lower cost alternative to more traditional methods of sending money internationally. With Open Banking payments, Paysend offers a solution that keeps costs low and improves the user experience—meaning more money in workers’ pockets and flowing wherever they want, whenever they want it to.
Paysend is now working with Plaid to provide their 3.5 million customers with simple open banking payments that enable fast, low-cost international money transfers. Rather than typing out card numbers or doing manual bank transfers, Paysend has enabled a smooth “click, confirm, and carry on” experience using Plaid’s open banking platform. As a result, Plaid’s instant payment initiation service reduces the time and clicks it takes to authorise a transfer by up to 80%.
In addition, with customer permissioned access to account transactions via Plaid, Paysend customers will get better insight into their own transaction data and will help improve their financial choices. Enhanced insight into their own financial data also helps prevent overspending at a time when effective money management has never been more important. As an added bonus, Paysend is now offering extra incentives for customers who send with Plaid’s Payment Initiation.