Paysend, the card-to-card pioneer and international payments platform, has announced that its US customers can now send funds directly to eligible Mastercard cards in over 60 countries, including Mexico, Guatemala, Dominican Republic, Honduras, El Salvador and Colombia, as well as within the US Recipients will generally see the money appear on their cards within minutes.
By leveraging Mastercard Send, a payments platform that enables people and organisations to send and receive money in near-real-time, domestically and cross-border, Paysend is able to continue to make digital money transfers more widely available and accessible.
Jairo Riveros, Chief Strategy Officer and Managing Director for the US and LATAM at Paysend, said: “With this new functionality, US residents can easily transfer money to friends and family around the globe, directly to an eligible Mastercard card. There’s no shortage of applications for this convenience. For example, a parent can send quick cash to a child who is studying overseas, a neighbour can pay another neighbour securely for a used item, long-distance family members can quickly send money to help with medical bills and groceries, and much more.”
With more than 20 million migrants from Latin America residing in the US, Latin American nations are seeing record remittance flows. According to the World Bank, remittance flows into Latin America increased 21.6% in 2021 over 2020.
Riveros added, “International remittances to the region serve as a safety net for millions of residents in Latin America and are an important source of financing for economic development. Our service provides a simple, speedy and secure way to facilitate money transfers into the region and into the hands of those that need it most”.
Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, said: “The global pandemic has continued to propel payments and contactless transactions into new highs. As more consumers turn to digital money transfers to support friends and family across the globe, Paysend is continuing to lower the barriers of entry to global payments.”
This news follows several Paysend partnerships, platform enhancements and growth milestones all focused on connecting friends and family around the world. Globally, the company has acquired over five million customers and grown 14,498 per cent over the past four years.