Jamaicans can now receive remittances from their loved ones in the UK, USA, and Canada via the Paysend App, the UK-based fin-tech company, has announced this week.
Paysend, with over 8 million customers, said it has a technology partnership with JMMB Money Transfer, to provide secure and affordable deposit-to-account transfers to family and friends in Jamaica.
JMMB Money Transfer is a subsidiary of JMMB Group.
UK-headquartered International Banking Systems (IBS) Intelligence quoted Group Head of Network Development and Strategic Partnerships at Paysend Alex Bessonov: “This partnership between JMMB Money Transfer and Paysend will encourage users all over the globe, namely the UK, USA, and Canada, to connect across borders and send money to support loved ones in Jamaica.”
Bessonov said app users will experience more affordable rates and quicker processing speeds when sending remittances. Through Paysend’s 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.
In Jamaica, persons can access the funds sent via bank transfer on the same day conveniently and securely. Additionally, this payment method gives Jamaicans receiving funds from Paysend the added convenience of using an ATM at any time to access their money, or make online purchases or payments.
Senders will benefit from low fixed fees, upfront exchange rates, fast transfer speeds, and the ability to make instant, digital end-to-end international payments.
IBS Intelligence reported that Sharon Gibson, CEO of JMMB Money Transfer praised the app, which will give Jamaicans in the diaspora more seamless and safe options to send money home.
She said the partnership is in line with the company’s strategic focus to deepen, further, its market share through its international partners in major source markets.