Meet Paysends global account a new way to hold spend and send money in multiple currencies using a mobile app and a card It looks a lot like Revoluts basic features But the company is trying to provide a more focused and robust experience from day one We are quite different from both a technical infrastructure and consumer offering viewpoint We own and control our own processing and this gives tremendous ability and flexibility to deliver a wide variety of services whilst controlling the entire consumer journey Head of Product Alex Murashko told me But for me an important distinction is that we have a different approach to designing the product We believe in simplifying the consumer experience so that instead of feeling like they are bombarded with a long list of features they have available a focused group of benefits And its true that Revolut has launched so many different features that its hard to keep track of what you can do with your Revolut account For instance you can insure your mobile phone save money using vaults buy cryptocurrencies subscribe to a travel insurance package and more So Paysend went back to the drawing board to focus on the essential The company lets you top up and hold money in EUR GBP USD Russian rubles and Kazakhstani tenge Paysend is partnering with Bitstamp so that you can buy and hold cryptocurrencies in the app as well You can then covert your money into any of those currencies at interbank exchange rates with a 1 percent markup Revolut adds between 05 percent and 2 percent markup depending on the currency What if youre traveling to another country You can use your Paysend card to spend money and withdraw cash in 125 currencies You decide in the app the backup currency that you want the company to use When it comes to sending money you can send money for free to other Paysend user or send money instantly for 1 or 15 The company doesnt initiate regular bank transfers Paysend has worked on card-to-card transactions instead You enter the card number of your friends and family members to send money to their card directly Sometimes you need to send money to someone you dont know that well You dont have to ask them for their card number You can generate a payment link and send the link The recipient can then enter their own card number to receive the payment This card-to-card transfer feature has already been live for a while as a standalone product Going forward global accounts will become the flagship product but standalone transfers will remain available Paysend has already raised 20 million and there are 130 people working for the company Global accounts are still in beta and should roll out to European users soon While Paysend is still a young and intriguing product its going to be interesting to see how it evolves In addition to card-to-card transfers the company will differentiate its product from its competitors even further over time gallery ids 1709755 1709756 1709757 1709760 1709759