Fintech & Ecommerce

Paysend Partners Purpl for Lebanon Money Transfers

The partnership between UK-based fintech Paysend and Lebanese remittance platform Purpl can increase financial inclusion by making international money transfers affordable and convenient

Paysend Partners Purpl for Lebanon Money Transfers

Image source: pexels

British fintech Paysend announced a commercial partnership with Purpl, Lebanese remittance and cash-out platform. The platform has just finished its beta testing mode and is ready to serve 20 million Lebanese around the world who wish to send money transfers to their loved ones back home.

To receive a cash pickup, a recipient in Lebanon will need to download Purpl app, verify their ID, and choose a suitable cash-out point. The latter include ATMs, which can be found the Purpl app geolocator map. The remittance amount will be available for pickup instantly.

Cashing out incurs zero-fee while transfer fees for the sender are advertised as “lowest”. Low fixed transfer fees coupled with competitive exchange rates are expected to radically change how communities in Lebanon manage their budgets.

“We know that today the majority of Lebanese consumers’ financial lifelines are the remittances they receive from their loved ones abroad, yet the costs of these remittances keep on increasing and the user experience keeps on deteriorating. We’re delighted to partner with Paysend, both providing broadscale global reach, instant transfers, and costs that are materially lower than we currently see.”
Karl Naïm, co-founder and CEO at Purpl

Purpl app has been first released in April 2022 and beta-tested with 150+ users. The vast majority of the surveyed early adopters approved the app’s visual appeal, navigation and verification features, etc. Almost 90% of the beta users surveyed said the app ran smoothly without encountering any bugs.

Paysend is a global payment ecosystem that gives individuals and businesses the ability to save, spend and send funds online in multiple currencies. The system currently supports cross-network operability across Mastercard, Visa, China UnionPay and local ACH and payment schemes in 175 countries worldwide. Paysend has over 7 million customers on its platform.

On the quest to extend its global reach and boost financial inclusion, Paysend has partnered JMMB Money Transfer to provide deposit-to-account transfers from the UK, USA, and Canada to Jamaica.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.