Digital Payments

Skrill Debuts Free Money Transfers In US

Skrill Debuts Free Money Transfers In US

London-based Paysafe, a global online payments company, has announced the U.S. launch of its free Skrill Money Transfer service.

“There has never been a more important time for remittance services, and we’re proud to bring Skrill Money Transfer to U.S. consumers, who send more money overseas to friends and family than anyone else in the world,” said Lorenzo Pellegrino, Skrill’s CEO, in a statement. “New Americans and expats with connections overseas will now be able to send their loved ones much-needed help. Together, we’re always stronger.” 

Under the service, Skrill’s U.S. customers can use the platform to transfer money at no cost to friends and family in Mexico, India and 16 other Asian and European countries, with others expected to be available shortly. 

The company said that given the impact of the COVID-19 pandemic, immigrants and expats in the U.S. will benefit from the service, which ensures that cash reaches loved ones in Mexico, India, Pakistan, Bangladesh, Italy, the United Kingdom, Spain and France, among others.

There is no charge to open a Skrill account, and senders of money are not assessed fees or a foreign exchange mark-up to send money from the U.S., the company said.

The firm’s money transfer service was launched in Europe two years ago to send money to more than 40 nations globally. U.S. consumers can pay with their personal bank accounts or their debit or credit cards to fund transfers from their Skrill accounts.

Paysafe’s research has revealed that Americans are increasingly turning to alternative online payment methods. After credit and debit cards, such digital wallets have been used by 36 percent of consumers in the last month. 

Paysafe boasts more than 20 years of online payment experience and $85 billion in transactions in the U.S. They have 3,000 employees in more than a dozen global locations that connect businesses and consumers across 200 payment types in 40 currencies.

Skrill’s Paysafe enters a crowded market with competitors that include PayPal, Adyen, Payoneer, Ingenico Group, Bitpay, Worldpay, Paytm, PayU, Razorpay and Verifone.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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