Paysend expands Bank Account Transfer capabilities to Latin America
By Gloria Methri
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 the region.
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 bank accounts in Bolivia, Colombia, Peru, Uruguay, Brazil, Chile, and Argentina.
“At Paysend, we understand that remittances play an important role for our customers in supporting their loved ones,” said Jairo Riveros, Managing Director for The Americas and Global Head of Strategy, Paysend. “Given the current macroeconomic conditions, transferring funds plays 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.”
Today, 70% of LatAm’s population is said to be unbanked or underbanked. With a mission to improve financial inclusion across the globe and support migrants looking to send money back home, Paysend is offering 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, and El Salvador) can receive and utilize funds from the U.S. instantly through a digital card.
As a global end-to-end payment platform, Paysend has a strong global payments network that includes partnerships with major international card networks, including Visa, Mastercard, and China Union Pay.
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