Since launching transfers to bank accounts in the Dominican Republic, Haiti, Jamaica, and Mexico in 2022, US customers will now be able to transfer money to friends and loved ones’ bank accounts in Bolivia, Colombia, Peru, Uruguay, Brazil, Chile, and Argentina. Company representatives have stated within the official press release that, given the current macroeconomic conditions, transferring funds plays an even more important role, because it's being used to cover necessities like food and housing.

By offering card-to-card, card-to-bank, or card-to-digital wallet transfers, the company is planning on making it more affordable for US customers to send money back home to their loved ones. The role of remittances in Latin America According to data provided by Paysend, 70% of LATAM's population remains unbanked or underbanked. As Inter-American Development Bank expands in a recent report, remittances received in Latin American and the Caribbean during the first half of 2022 reached USD 68 billion, continuing the growth trend that has been observed since the second half of 2020.

Paysend’s recent partnerships in LATAM Paysend’s remittance product release follows the launch of its Paysend Libre solution powered by Mastercard Send technology in 2022. With Paysend Libre, unbanked recipients located in Northern Central America (i. e.

, Guatemala, Honduras, El Salvador) could receive and use funds from the US instantly through digital card. As a global end-to-end payment platform, Paysend has a strong global payments network that includes partnerships with the major international card networks, including Visa, Mastercard, and China Union Pay. In January 2023, Paysend added to its expansion strategy in Central America and LATAM by partnering with JMMB Money Transfer to offer secure and affordable deposit-to-account transfers to their Jamaican customers.

Following this partnership, Jamaican clients can receive remittances from their family, friends, or acquaintances in the UK, USA, or Canada, while using the Paysend App. .