London – April 06, 2022 – Paysend, a UK-based fintech with over 6.5 million customers, today announced the launch of two new products to help customers improve their financial health: Credit Builder and Pay Letter.
Credit Builder UK allows people with little or no credit history to automatically improve their credit score using the Paysend Card for their daily expenses when linked to their Paysend Credit Builder account in the Paysend app. Major UK credit reference agencies (Experian, Equifax and Transunion) are updated on all costs and payments from credit builder accounts, while customers are confident they will not be able to spend or send more than they have in their credit builder account.
In addition, for customers who need access to additional funds, Pay Later offers eligible users – based on Paysend’s own credit scoring system – 100 GBP to instantly make purchases with their Paysend Card wherever MasterCard is accepted, online or offline. Eligible customers can start using Pay Letter without an external credit check, which can damage their credit score and they will not be charged interest on what they have spent from their Pay Letter account. By comparison, the UK overdraft interest rate is about 40% EAR. Also, unlike many other Pay Letter services, such as those offered during online checkout, Paysend customers can improve their credit score by making timely payments to their Pay Letter account every two weeks.
Customers can get started with both a free credit builder and a pay letter through a 90-day trial of Grow subscriptions on the Paysend app. After the trial period, there will be a 2.99 subscription fee per month. More information can be found on the Pacend Grow website.
Ben Chisel, head of product at Pacend, said: “Many of our customers have low or no credit score and have limited access to financial products that can help them create a credit footprint and strengthen their financial position. We are bridging this gap and helping our customers make a positive contribution to their credit score through transactions made through Paysend’s platform.
“Our customers may also need a financial buffer and we are providing them with a flexible and regulated way of making payments which combines the convenience of direct interest payments from the Passenger account at zero interest. With Paysend, customers will be able to access additional funds for any purchase and increase their credit footprint and be protected from other credit products that could worsen their financial situation. “
About the pass
Paysend is a next-generation integrated global payment ecosystem that enables consumers and businesses to pay and send money online anywhere, anytime and in any currency. Paysend is UK-based and reached globally in April 2017 with a clear mission to change how money is transferred. Paysend currently supports cross-network capability worldwide across MasterCard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.
Paysend can send money to more than 150 countries worldwide and has attracted more than 6 million subscribers to its platform. As a global end-to-end payment platform, Paysend has its own global network and international and local payment systems, and has partnered with major international card networks Visa, MasterCard and China UnionPay as key members and certified processors.
See https://paysend.com for more information.
Head of Public Relations and Communications
+44 (0) 7841 028307