Paysend has partnered with Mastercard to introduce Paysend Libre in Mexico, aimed at addressing the region's financial inclusion gap. The collaboration leverages Mastercard's extensive acceptance network with Paysend’s experience in digital remittance transfers, particularly between the United States and Latin America.

This partnership aims to streamline cross-border money transfers, offering a cost-effective and secure alternative to traditional methods. Paysend Libre allows senders to initiate a transfer by selecting the ‘Libre’ option in the Paysend App, using only the recipient’s phone number. The service, which is free of charge, generates a virtual Mastercard for the recipient, making it accessible to those without a bank account.

Recipients can use the virtual card to access and spend the funds in real-time, offering a solution for individuals who would typically rely on cash-based remittances. The solution is designed to address key issues in remittance services, namely speed, affordability, and security, by offering a digital alternative. As Paysend noted, remittances through Paysend Libre serve as a vehicle for broadening financial inclusion, targeting populations often overlooked by traditional financial institutions.

Representatives from Mastercard North added that the shift toward digital remittances aligns with the increasing demand for faster and more secure ways to send money. Leveraging Mastercard Move Paysend Libre also uses the Mastercard Move system, which was designed for seamless domestic and international money transfers. Through Mastercard Move, Paysend Libre can reach over 95 percent of the world's banked population, providing services across 180 countries and over 150 currencies.

The introduction of Paysend Libre is expected to have a significant impact on the region, where remittances serve as an important source of income for millions. According to the Interledger Foundation, in Latin America and the Caribbean, 70% of the population remains unbanked or underbanked, while countries in the region, including Mexico, are among the largest recipients of remittances globally. The same source reveals that the US-Mexico corridor alone saw USD 65 billion in remittances in 2023, primarily sent in cash.

Source: Link .