Paysend, a global FinTech company, has launched Paysend Libre in Mexico as part of its commitment to enhance financial inclusion in the region.
The launch comes as part of Paysend’s strategy to address the growing need for financial services among Mexico’s underbanked population, according to Finextra.
This new service aims to integrate underserved communities into the digital economy by providing them with access to critical financial tools that have previously been out of reach.
Paysend offers a wide range of services, including fast and low-cost international money transfers. The company operates in more than 170 countries, helping individuals and businesses send and receive funds across borders in a seamless and cost-effective way.
Paysend Libre, supported by Mastercard, allows users to send money through the Paysend app by simply using the recipient’s phone number. The service is designed for zero-fee real-time transactions, making it a crucial tool for individuals who need to send remittances quickly and affordably, especially from overseas to Latin America.
Mastercard’s backing of Paysend Libre comes through its Mastercard Move initiative, which supports businesses in promoting financial inclusion. The virtual card provided by Mastercard enables users to participate in the digital economy, accessing their funds instantly and making payments at over 100 million merchant locations worldwide.
Paysend platforms have been operating across the USA and Latin America, and Paysend Libre further extends these services by offering a seamless way for individuals to transfer funds within the region.
This initiative marks a significant step in providing financial empowerment to people who are often overlooked by traditional financial institutions.
Jairo Riveros, group head of strategy and MD of the Americas at Paysend, said, “Paysend and Mastercard are doing something never done before. Through Paysend Libre we are using remittances as a vector for widening financial inclusion, bringing more and more people into the financial ecosystem who were previously ignored by fintechs and financial institutions.”
Kiki del Valle, division president of Mastercard North, added, “As people increasingly favour digital solutions to send money quickly and securely, we are committed to working with partners like Paysend, who share a drive for payment innovations that also advance financial inclusion. With a Mastercard virtual card, people will be able to instantly participate in the digital economy, quickly accessing the funds they need and make payments at more than the 100 million merchant locations worldwide that accept Mastercard.”
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