Paysend Picks Up Fintech Deal with Damane Cash in Morocco

London-based Paysend has over seven million customers and provides a payment ecosystem, enabling consumers and businesses to pay and send money online.

London-based fintech firm Paysend has announced a partnership with Damane Cash to enable money transfers to Morocco.

Paysend, which has over seven million customers, provides a payment ecosystem, enabling consumers and businesses to pay and send money online.

It currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.

Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, comments: “Through Paysend’s easy-to-use app, automated phone number and text ID verification, users can benefit from a quick and simple onboarding process, allowing them to make transfers through the Paysend platform immediately.”

There aren’t a lot of details about the deal with Damane Cash, a payments institution and subsidiary of Bank of Africa.

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According to LinkedIn, Damane Cash offers financial services via its network of branches and digital means.

These services include receiving international money transfers, domestic money transfers, currency exchange, payment of bills and taxes, and opening payment accounts and mobile payment services.

The Moroccan fintech company provides local services through its network of retailers (grocers, small businesses, cybercafés, convenience stores, etc).

Paysend was created in April 2017. The firm says it can send money to over 150 countries.

Last month, Paysend launched Paysend Business, a new product for SMEs.

This allows SMEs to send, hold and receive digital payments via several payment gateways (e.g., Apple Pay and Google Pay) and in over 38 currencies.

SMEs will also be able to create a checkout option for their customers through plugin integrations with e-commerce platforms such as WooCommerce.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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