In a push for financial inclusion in Mexico, Paysend has launched Paysend Libre backed by Mastercard.
The move aims to bring the underbanked population in the region onto digital financial tools by offering an online remittances platform.
Jairo Riveros, group head of strategy and MD of the Americas at Paysend, commented: “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.”
The offering allows the user to make transactions through the ‘Libre’ section of the Paysend app, by using the recipient’s phone number. The transfer is zero-fee and the transactions are in real time.
Paysend platforms are active in the USA and Latin America, making overseas transactions easy and fast. Mastercard Move, which is backing Paysend Libre, powers organisations to expand their financial inclusion capabilities. Paysend Libre is critical for millions overseas who want to transfer funds back to Latin America, they can now do so in an affordable and easy way.
Kiki del Valle, division president of Mastercard North, stated: “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.”