In a significant effort to promote financial inclusion in Mexico, Paysend has introduced Paysend Libre, supported by Mastercard. This initiative aims to integrate the underbanked population into the digital financial landscape by providing an online remittances platform.
Jairo Riveros, Paysend’s group head of strategy and managing director for the Americas, remarked, “Paysend and Mastercard are achieving something unprecedented. With Paysend Libre, we are leveraging remittances to enhance financial inclusion, bringing more individuals into the financial ecosystem who have previously been overlooked by fintech and financial institutions.”
The platform enables users to send money through the ‘Libre’ section of the Paysend app using the recipient’s phone number. Transfers are free of charge, and transactions occur in real-time, enhancing user convenience.
Paysend operates in the USA and Latin America, facilitating swift and seamless overseas transactions. The Mastercard Move initiative, which underpins Paysend Libre, empowers organizations to broaden their financial inclusion efforts. This service is vital for countless individuals abroad looking to transfer funds to Latin America in an affordable and straightforward manner.
Kiki del Valle, division president of Mastercard North, commented, “As people increasingly prefer digital solutions for quick and secure money transfers, we are committed to partnering with organizations like Paysend that share our vision for payment innovations that foster financial inclusion. With a Mastercard virtual card, users can instantly engage in the digital economy, access funds quickly, and make payments at over 100 million merchant locations worldwide that accept Mastercard.”