Paysend and Mastercard partnered to launch "Paysend Libre" in Mexico

Paysend has partnered with Mastercard to introduce Paysend Libre in Mexico, a virtual Mastercard service that aims to increase financial inclusion in a region with a large unbanked population. This innovative service allows for simple, fee-free remittance transfers using just the recipient's phone number, providing immediate access to funds via a virtual card. Designed to address longstanding issues of speed, cost, and security in remittance services, Paysend Libre facilitates real-time spending without the need for a bank account. The initiative highlights the societal importance of remittances as a financial lifeline in Latin America, where 70% of the population is unbanked.

Through this launch, Paysend and Mastercard are expanding economic opportunities throughout the USA-Mexico remittance corridor, one of the largest in the world. This collaboration also included a campaign featuring Mexican celebrities to promote cross-border financial capabilities, underscoring Paysend's commitment to broadening financial access across Latin America.

Source: Fintech Finance