back Back

Paysend introduces ‘Paysend Libre’ in Northern Central America

By Edlyn Cardoza

November 15, 2022

  • Financial Inclusion
  • International Payments
  • Mastercard
Share

Paysend, Paysend Libre, Northern Central America, Remittances, Mastercard, Online Payments, Mastercard Send Technology, Financial Inclusion, International Payments, USAPaysend, the UK-based FinTech, introduced Paysend Libre, which will allow unbanked users in Northern Central America (Guatemala, Honduras, El Salvador) to instantly receive remittances from the U.S. to a Paysend virtual Mastercard digital card. The virtual card is ready to use in minutes for cash withdrawals and online purchases, allowing millions of people that rely on funds from family members abroad to access their money safely. 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 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.

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

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

“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,” said David Goldschmidt, Vice President of Cross Border Payments for Mastercard Latin America and the Caribbean.

“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.

Previous Article

November 15, 2022

Railsr partners with Featurespace to fight fraud and financial crime

Read More
Next Article

November 15, 2022

3 InsurTech companies in the Middle East making insurance more accessible

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

Financial Inclusion

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

FinTech Focus: Catch latest developments of the week

Read More

Today

Parafin secures $125m warehouse facility from Silicon Valley Bank & Trinity Capital

Read More

Today

TransferGo raises $10m in funding from Taiwania Capital Management

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023