Paysend introduces ‘Paysend Libre’ in Northern Central America

By Edlyn Cardoza

Paysend, 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.