Paysend, the card-to-card pioneer and international payments platform, is solidifying its money transfer services to Latin America by “enabling U.S. customers to send money to Latin America quickly, securely and for a low fee through transfers to bank accounts.”
Since launching transfers to bank accounts in the Dominican Republic, Haiti, Jamaica and Mexico in 2022, U.S. customers will now be able “to transfer money to friends and loved ones bank accounts in Bolivia, Colombia, Peru, Uruguay, Brazil, Chile and Argentina.”
Jairo Riveros at Paysend, said:
“At Paysend, we understand that remittances play an important role for our customers in supporting their loved ones. Given the current macroeconomic conditions, transferring funds play an even more important role, because it’s being used to cover necessities like food and housing. By offering card-to-card, card-to-bank or card-to-digital wallet transfers, we’re making it easier, and more affordable, for our U.S. customers to send money back home when their loved ones need it the most.”
Empowering the Unbanked Communities in Latin America
Today, 70% of LatAm’s population “remains unbanked or underbanked.”
With a mission to improve financial inclusion across the globe and support migrants looking to send money back home, Paysend has stepped in “to offer low fee, fast and secure transfers for the community as current economic pressures have made it more difficult to send funds.”
This expanded offering “comes on the heels of Paysend launching its Paysend Libre solution powered by Mastercard Send technology last year.”
With Paysend Libre, unbanked recipients located in Northern Central America (i.e., Guatemala, Honduras, El Salvador) “can receive and utilize funds from the U.S. instantly through digital card.”
As a global end-to-end payment platform, Paysend has “a strong global payments network that includes partnerships with the major international card networks, including Visa, Mastercard and China Union Pay.”
As noted in the update, Paysend claims it is “a next-generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency.”
Paysend is UK-based and “has global reach having been created in April 2017 with the clear mission to change how money is moved around the world.”
Paysend currently “supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.”
Paysend can “send money to over 100 countries worldwide.”
As a global end-to-end payment platform, Paysend has “its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.”