In a bid to enhance financial accessibility in Mexico, Paysend has introduced Paysend Libre, a service supported by Mastercard.
This initiative aims to empower the underbanked population in the region by providing an online remittance platform designed to facilitate access to digital financial resources. Jairo Riveros, the group head of strategy and managing director for the Americas at Paysend, stated, “Paysend and Mastercard are pioneering a unique approach. Through Paysend Libre, we are leveraging remittances to broaden financial inclusion, integrating more individuals into the financial ecosystem that have been overlooked by traditional fintechs and financial institutions.”
Users can execute transactions through the ‘Libre’ section of the Paysend app using the recipient’s phone number. Notably, these transfers incur no fees and are processed in real-time. Paysend’s platforms operate throughout the USA and Latin America, simplifying and expediting cross-border exchanges. Mastercard Move, which supports Paysend Libre, empowers organizations to enhance their financial inclusion efforts. This service is essential for countless individuals abroad, enabling affordable and straightforward fund transfers back to Latin America.
Kiki del Valle, division president of Mastercard North, commented, “As digital solutions grow in popularity for fast and secure money transfers, we are devoted to collaborating with partners such as Paysend, who share our vision for payment innovations that promote financial inclusion. With a Mastercard virtual card, users can instantly engage in the digital economy, easily access necessary funds, and make payments at over 100 million merchant locations globally that accept Mastercard.”