Paysend launches Paysend Libre in Mexico

Paysend, the UK-based fintech company, has launched its latest service, Paysend Libre, in Mexico, with the backing of Mastercard. This move is aimed at enhancing financial inclusion in a country where a large proportion of the population remains either unbanked or underbanked. Paysend Libre provides users with an innovative way to receive remittances through a virtual Paysend Mastercard, which can be set up using just the recipient’s phone number.

The platform allows recipients to access funds immediately and securely, providing them with a convenient alternative to cash-based remittance systems. This service is particularly significant in the U.S.-Mexico remittance corridor, one of the largest in the world, with $65 billion in remittances sent in 2023 alone. Paysend Libre seeks to simplify and speed up the process of cross-border money transfers, while eliminating transaction fees.

By leveraging Mastercard’s extensive acceptance network, Paysend Libre enables users to participate in the digital economy by making payments at over 100 million merchant locations globally. This initiative, part of a broader strategy to integrate the underbanked population into the financial system, aligns with Mastercard’s commitment to fostering payment innovations that promote financial inclusion.

This partnership follows previous successful collaborations between the two companies and reflects Paysend’s ongoing efforts to expand access to digital financial services across Latin America, further enhancing economic opportunities in the region​