Paysend and Purpl Partner on Money Transfers to Lebanon

Paysend has partnered with Purpl to enable money transfers to Lebanon.

The partnership brings together Paysend’s integrated global payments ecosystem and Purpl’s remittance and cash out platform, the companies said in a Monday (Feb. 13) press release.

“Through this partnership, Lebanese people all over the world will be able to connect and support their family, friends and loved ones through quicker, more affordable and more secure money transfers,” Paysend Head of Enterprise and Network Partnerships Alex Budyakov said in the release.

PYMNTS research has found that consumers with a need to send money quickly will likely favor options that allow them to transfer money instantly and fund their payments in a variety of ways convenient to them.

Beyond that, trust underpins the entire financial system, and trust is the deciding factor in how consumers send peer-to-peer (P2P) payments, according to “The Digital Currency Shift: The Cross-Border Remittances Report,” a PYMNTS and Stellar Development Foundation report.

A shift in mentality is taking place as consumers who previously considered sending money as a lengthy, complex bank-controlled process now embrace the digital opportunities that FinTech firms bring to the table, Paysend Co-founder and CEO Ronnie Millar told PYMNTS in an interview posted in April.

“We’re trying to change that mentality to one that basically says, ‘Sending money is just like sending a WhatsApp message, you’re not doing anything more than that,’” Millar said at the time.

The collaboration of Paysend and Purpl will enable low fixed fees on money transfers, competitive exchange rates and instant international payments between the 20 million Lebanese people around the world and communities in Lebanon, according to the press release.

The combined solution comes at a time when many Lebanese consumers’ financial lifelines are the remittances they receive from their loved ones abroad, yet the costs of these remittances keep increasing, and the user experience keeps deteriorating, Purpl Co-founder and CEO Karl Naïm said in the release.

“We’re delighted to partner with Paysend, both providing broadscale global reach, instant transfers, and costs that are materially lower than we currently see,” Naïm said in the release.

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