The virtual card is ready to use in minutes for cash withdrawals and online purchases, allowing the millions of people that rely on funds from family members abroad to access their money safely and simply. Paysend Libre is set to launch in Guatemala in December 2022 and will expand into the broader Northern Central America region in 2023, where 60% of the adult population is unbanked.
With Paysend Libre, supported by Mastercard Send technology, US customers simply use a recipient’s phone number to send them funds. As soon as the funds are sent, the recipient receives a notification with a link to log in via Paysend’s website or app. Unbanked recipients and those without a debit card, will be issued a free Paysend virtual Mastercard that can be used to make online purchases or withdraw funds from thousands of Cajero 5B ATMs, providing them with a digital financial tool that gives them greater control of their money and enables them to participate in the digital financial system.
Paysend’s officials stated that international remittances to Guatemala serve as a safety net for millions of people in the country. Paysend Libre offers a simple, convenient, and safe way to facilitate money transfers to those who need it the most. It also helps them facilitate expanding financial inclusion for all. Representatives from Mastercard that this programme will help give millions across Guatemala, Honduras, and El Salvador a fast, simple, and secure access to their funds.
To use the Paysend virtual Mastercard online, recipients need only to tap the card to reveal the card number, expiration date, and three-digit security code, which can be used to make online purchases.
Using their cell phone number, recipients can withdraw funds from their Paysend virtual Mastercard at a Cajero 5B’s contactless ATM. After following a few steps, the user will receive a one-time passcode to withdraw their desired amount from their Paysend virtual Mastercard balance.
According to the press release, Guatemala is home to Central America’s largest population and economy, yet it has the region’s lowest human development index, a measurement of life expectancy, health, and education outcomes, with over 50% of the country living below poverty.
As a result, remittances play a critical role in Guatemala, where 18% of Guatemala’s GDP relies solely on the money sent from migrants. Although migrants leave their home country for new opportunities, they still play critical roles in financially supporting their friends and family back home. In fact, Guatemalans living abroad sent a record USD 15 billion in remittances in 2021, a 35% increase from 2020, as per Paysend.
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