UK Fintech Paysend Introduces Remittance Solution to Drive Financial Inclusion in Northern Central America

Paysend, the UK-based fintech, introduced Paysend Libre, which will “allow unbanked users in Northern Central America (Guatemala, Honduras, El Salvador) to receive remittances from the U.S. instantly to a Paysend virtual Mastercard digital card.”

The virtual card is ready “to use in minutes for cash withdrawals and online purchases, allowing the millions of people that rely on funds from family members abroad to access their money safely and simply.”

Paysend Libre is set “to launch in Guatemala in December 2022, and will expand into the broader Northern Central America region in 2023, where 60% of the adult population is unbanked.”

With Paysend Libre – powered by Mastercard Send technology – U.S. customers simply “use a recipient’s phone number to send them funds.” As soon as the funds are sent, the recipient receives “a notification with a link to log in via Paysend’s website or app.”

Unbanked recipients and those without a debit card, “will be issued a free Paysend virtual Mastercard that can be used to make online purchases or withdraw funds from thousands of Cajero 5B ATMs – providing them with a digital financial tool that gives them greater control of their money and enables them to participate in the digital financial system.”

Jairo Riveros, Chief Strategy Officer and Managing Director of North America and LATAM at Paysend, said:

“International remittances to Guatemala serve as a safety net for millions of people in the country. Paysend Libre offers a simple, convenient, and safe way to facilitate money transfers to those who need it the most. It also helps us move the needle in expanding financial inclusion for all.” 

Paysend and Mastercard will “introduce Paysend Libre at the 56th Felaban Guatemala Convention happening from November 12-15 in Guatemala City.” They will be “joined by other financial inclusion leaders, including representatives from the Partnership for Central America for a discussion on how to scale financial inclusion efforts.”

David Goldschmidt, Vice President of Cross Border Payments for Mastercard Latin America and the Caribbean, commented:

“We know there’s greater impact when industry players come together to maximize our strengths and our technologies. This program is a clear example of that and will help give millions across Guatemala, Honduras, and El Salvador a fast, simple and secure to access – and use – their funds.”

As explained in the update:

“Libre”, which translates to “free” in Spanish, represents Paysend’s mission to free unbanked individuals from the challenges that come with traditional solutions, the lack of financial options for international money transfers, and the security risk of receiving money in cash.”

To use the Paysend virtual Mastercard online, recipients “need only to tap the card to reveal the card number, expiration date and three-digit security code, which can be used to make online purchases.”

Using their cell phone number, recipients can “withdraw funds from their Paysend virtual Mastercard at a Cajero 5B’s contactless ATM.” After following a few steps, the user “will receive a one-time passcode to withdraw their desired amount from their Paysend virtual Mastercard balance.”

Register Now!
Sponsored Links by DQ Promote



Send this to a friend