Paysend rolls out Mastercard-backed Paysend Libre in Mexico to push for financial inclusion

UK-based fintech with over 9 million users, Paysend, recently decided to roll out its payment solution Paysend Libre in Mexico. The firm seeks to reach out to the country’s underbanked population and provide opportunities in order to establish greater financial inclusion.

Paysend Libre To Bring Financial Inclusion To Mexico’s Underbanked Population

Paysend Libre is a Mastercard-backed payment solution that can offer digital financial tools to underbanked populations. The company’s way to include those without access to banks and banking solutions is to offer an online remittances platform.

Paysend’s Group Head of Strategy and MD of the Americas, Jairo Riveros, stated that Paysend and Mastercard are on the way of performing something that was never done before. He added that Paysend Libre allows the firm to use remittances as a vector for widening financial inclusion. As such, it is bringing more people into the financial ecosystem.

These are individuals who were previously ignored by financial institutions and fintechs, as they did not see an opportunity to make easy profits. However, Paysend’s offering aims to uplift the underbanked, and offer them a way to make transactions using the Libre section of the Paysend app.

All they need to send the money is to know the recipient’s phone number. The transfers themselves come with zero fees, and all transactions are made instantly, enabling a fast way to share money.

Paysend Continues Its Expansion

This is not Paysend’s first expansion to a new nation, as the company already launched platforms that now operate in the US, as well as in Latin America. This wide reach, coupled with real-time transfers, enable a simple, fast, and free way to send money overseas.

Sending funds is as simple as sending a message, which makes the entire process inclusive and intuitive. As a result, users of all age groups can understand it and improve their financial situation.

As mentioned, Paysend Libre is backed by Mastercard Move, which empowers organizations and allows them to increase their financial inclusion capabilities. With the combination of the two firms’ technologies, Paysend Libre can become a new and inclusive app for millions overseas, who wish to transfer funds to Latin America.

Until now, they lacked a quick, cheap, and fast way to do so, but Paysend’s app could easily change that.

Mastercard North’s division president, Kiki del Valle, also commented on the move, stating that people increasingly favor digital solutions for sending money quickly and securely. This is why Mastercard is committed to working with promising partners like Paysend, who share a drive for payment innovation.

“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.”