Paysend signs with Vietcombank to bring money transfer revolution to Vietnam

14-Dec-2018

Global payments disruptor PaySend which now has over 350,000 customers across Europe and beyond has signed a strategic partnership agreement with Vietcombank Remittance Company (VCBR), which dominates all inbound money transfers in Vietnam. This partnership will let people from anywhere in the world send money directly to any bank account, NAPAS card, Visa or MasterCard issued in Vietnam. 

VCBR CEO, Mr. Trinh Hoai Nam, said: “We are very excited to sign this partnership agreement with PaySend which pioneers new technologies in the money transfer space. Our cooperation will allow any Vietnamese residents to receive money transfers from overseas directly to their bank accounts and NAPAS cards without a need to visit a branch. They can start shopping around or withdraw cash from their bank branch or any ATM in Vietnam straight away. “

Ronald Millar, CEO of Paysend, said: “We are delighted to partner with VCBR and offer our valued customers around the world the opportunity to send money from our website or app instantly to any bank account or card, including NAPAS cards in Vietnam. NAPAS is the leading payment card system in Vietnam with 100 million cards and adding them to our unique money transfer platform helps us realise our vision of fast and low-cost transfers for everyone in the world. There are over 4 million Vietnamese living outside of Vietnam supporting their friends and families back home so they will benefit from PaySend’s latest technology and the ability to send money at a fixed low price without any hidden fees or charges.“

Ronald added: “We operate in 70+ countries and our customers appreciate the unparalleled convenience, speed and cutting-edge innovation delivered by PaySend. We are delighted to offer it now to the Vietnamese diaspora and anyone who is doing business with Vietnam.”

Mr. Trinh Hoai Nam also added: “We are looking forward to working with PaySend which is disrupting the money transfer industry on the global scale. We are confident that with the support from Vietcombank - one of the top 4 biggest banks in Vietnam, VCBR can expand its customers’ network in Europe and around the world.”

The service is available to any registered customer via the company’s website or mobile app. 

The company’s rapid growth in 2018 has caused it to accelerate plans on developing a bank partner network, and it is now looking to build additional partnerships throughout Asia, Africa and Middle East regions.