Paysend Introduces 'Paysend Libre' a Remittance Solution Aimed at Driving Financial Inclusion in Northern Central America

PAYSEND | November 15, 2022 | Read time : 05:00 min

Paysend Introduces 'Paysend Libre' a Remittance Solution Aimed
Paysend, the UK-based fintech, today introduced Paysend Libre, which will allow unbanked users in Northern Central America (Guatemala, Honduras, El Salvador) to receive remittances from the U.S. instantly to a Paysend virtual Mastercard digital card. 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 – powered by Mastercard Send technology – U.S. 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.

"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 us move the needle in expanding financial inclusion for all,"

- Jairo Riveros, Chief Strategy Officer and Managing Director of North America and LATAM at Paysend

Paysend and Mastercard will introduce Paysend Libre at the 56th Felaban Guatemala Convention happening from November 12-15 in Guatemala City. They will be joined by other financial inclusion leaders, including representatives from the Partnership for Central America for a discussion on how to scale financial inclusion efforts.

We know there's greater impact when industry players come together to maximize our strengths and our technologies. This program is a clear example of that and will help give millions across Guatemala, Honduras, and El Salvador a fast, simple and secure to access – and use – their funds, said David Goldschmidt, Vice President of Cross Border Payments for Mastercard Latin America and the Caribbean.

"Libre", which translates to "free" in Spanish, represents Paysend's mission to free unbanked individuals from the challenges that come with traditional solutions, the lack of financial options for international money transfers, and the security risk of receiving money in cash.

Spending and Withdrawing Money With Paysend Libre

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.

Increasing Financial Inclusion in Guatemala

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 $15 billion in remittances in 2021, a 35% increase from 2020.

Paysend is a next-generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is UK-based and has global reach having been created in April 2017 with the clear mission to change how money is moved around the world. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.

Paysend can send money to over 170 countries worldwide. As a global end-to-end payment platform, Paysend has its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.


The rise of digital banking has coincided with a decline in the presence of traditional banks, which have faced a loss of 9% of all branches across the country in the past 4 years.


The rise of digital banking has coincided with a decline in the presence of traditional banks, which have faced a loss of 9% of all branches across the country in the past 4 years.

Related News


Shift Markets Launches on Hedera to Provide Yield and Asset Trading to Enterprise Clientele

Shift Markets | December 15, 2022

Today, Shift Markets, the enterprise technology provider, announced their product Shift Dashboard to bring Hedera-based assets and yield to their wide variety of clients. Shift will now offer trading, payments, and yield-earning opportunities to its 70+ exchanges and other Web3 clientele. Opening access to the Hedera network's assets will allow Shift's clients and end users to explore a wide variety of use cases of the asset, all native to Hedera. Delivering safe, secure, and easy on-ramps, trading, yield-earning, and enterprise solutions that allow a more extensive variety of users to take advantage of the crypto economy at the tip of their fingers. Shift Markets offers a variety of products to their clientele, most notably a white-label exchange product built on their liquidity engine, Nexus. This allows institutions to capitalize on their network by operating an exchange, whilst leaving the customer service and technology maintenance to Shift. Nexus will first integrate Hedera, making HBAR available to the Shift Enterprise clients as well as retail users. "Through Shift Markets, we look forward to introducing Hedera services and new trading pairs to a multitude of enterprise and retail users, The Shift team has consistently proven itself as a global network of the highest standard, launching 100 FX brokers and 70+ exchanges on 6 continents. Together we are well positioned to further the adoption of Web3." -Elaine Song, VP of Strategy at the HBAR Foundation Shift has continued to expand on its financial services, starting in 2009 with foreign exchange and making the natural Shift to crypto solutions. Shift is empowering over 100+ clients and exchanges worldwide, and is continuing to pursue the support of institutions making the leap into crypto. The partnership comes naturally, with both the Hedera network and Shift pioneering enterprise adoption in the Web3 space. Most recently abrdn, the UK asset manager with £508 billion AUM, joined the Hedera Governing Council and announced its plan to tokenize their funds. This places them alongside a team of 27 companies on the council including Google, Boeing, EDF Energy, DBS Bank, Deutsche Telekom, and Ubisoft. Integrating Hedera for this project will transform the way that institutions interact with crypto. Large institutions such as Ubisoft and Google are already utilizing the technology, so being able to offer these features to a wider range of enterprise companies in our network will make the adoption of crypto and HBAR that much more rapid. - Ian McAfee, CEO of Shift Markets. About The HBAR Foundation The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation's six funds - focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders - each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem. The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world's largest problems, and create and control their own economies, all built on the Hedera public network. Whether you're building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. About Shift Markets Shift Markets provides cryptocurrency exchange solutions, brokerage trading technology, liquidity, risk management, compliance, and Web3.0 technologies for clients. Shift Markets is dedicated to promoting financial equality in emerging markets in FX and crypto by providing cutting-edge technology to enterprise-grade clientele. With finance ever-changing, Shift is dedicated to providing a better financial ecosystem for end-users on a global scale.

Read More


Pacific Service Credit Union Chooses Lumin Digital to Enhance Its Digital Banking

Pacific Service Credit Union and Lumin Digital | January 20, 2023

On January 19, 2023, Lumin Digital announced that it established a multi-year agreement with Pacific Service Credit Union (Pacific Service CU) in California to promote an improved online banking experience for the latter's almost 70,000 members and assets worth over $1 billion. Lumin's cloud-based online and mobile digital banking platform, set to launch in October, will provide better safety, security features, and seamless digital integration. This would help Pacific Service CU develop tailored experiences by providing personalized suggestions such as spending insights, financial guidance, savings goals, and fraud warnings. Michelle Shelor, Chief Operating Officer of Pacific Service Credit Union, stated, "At Pacific Service CU, we've built a strong reputation for providing world-class products and services for our members." Michelle continued, "Our partnership with Lumin Digital will greatly improve the user experience and back-end processes. We are excited to bring this new technology to our members." (Source – Cision PR Newswire) Lisa Daniels, Lumin Digital's Chief Delivery Officer, indicated that Pacific Service CU's members would benefit from the cooperation. In a recent digital-banking analysis from The Financial Brand, U.S. financial leaders foresee four themes for 2023, all of which are Lumin's focus - digital transformation, boosting data and analytics, streamlining the customer journey, and extending digital product and payment capabilities. "Addressing these critical areas hasn't always led to predictable outcomes for financial institutions in the past," Lisa Daniels said. "Lumin's thoughtful approach, experienced implementation teams, and innovative technology stack simplify this process greatly - providing Pacific Service CU with the confidence, security, and engagement they deserve from their digital partner," she concluded. (Source – Cision PR Newswire) About Lumin Digital Lumin Digital, a majority-owned subsidiary of a PSCU, provides a cloud-native platform that redefines digital banking for financial institutions. The platform offers a complete and modern integrated suite of capabilities based on the industry's most sophisticated technology and best practices. In addition, through a patented engagement model that enables highly focused, actionable, and distinctive digital interactions, organizations will be able to create excellent user experiences across platforms, enabling more personalized journeys and connected relationships. About Pacific Service Credit Union Pacific Service Credit Union, headquartered in Concord (California), is a full-service financial institution. The company, recognized as a Bay Area Top Workplace from 2019 to 2022, has a talented, cohesive leadership team with an average of over 11 years of service. Meanwhile, San Francisco Business Times has also recognized its corporate generosity over the years, placing it in an elite group of businesses that give away more than 2% of its annual profits.

Read More


State Street Launches Venturi to Support Peer-to-Peer Financing

State Street | November 21, 2022

State Street Corporation (NYSE: STT) today announced the launch of the firm’s new peer-to-peer financing platform, Venturi, specifically designed to connect buy-side firms with new sources of liquidity in the global repo space. Venturi, built through a partnership with FinOptSys, a cutting edge FinTech focused on the securities financing market, supports trade negotiations and enhances trade settlement and collateral management, allowing traders to better manage and diversify their counterparty exposure. “As a result of elevated market volatility and the changing liquidity and rate environment, buy-side firms are increasingly seeking new and diversified sources of financing, We are excited to further expand our product suite with the launch of Venturi to help foster the growth of and scale the peer-to-peer marketplace. Akin to our 2005 launch of FICC’s Sponsored Repo Service, which has also provided our clients with critically needed liquidity solutions, we believe Venturi will empower our clients to discover new liquidity pools and make better, data-driven investment decisions. The launch of this platform – designed in large part through extensive development and feedback from our clients – is certainly a very noteworthy milestone for our business and the evolution of our peer-to-peer initiatives.” -Gino Timperio, global head of Financing Solutions at State Street Venturi was built to provide clients: Increased Efficiency: Users negotiate economic terms of peer repo transactions on Venturi. A program master repo agreement streamlines the documentation process and supports ready scalability. Users may engage with any or all counterparties active on the platform. Improved Flexibility: Venturi supports a flexible suite of eligible collateral and margin requirements. Seamless Confirmation of State Street’s Guaranty to Repo Buyers: Venturi allows buy-side participants to seamlessly submit and confirm the repo transaction terms satisfy the criteria necessary for State Street to guarantee the repurchase price payment obligations of the repo seller to the repo buyer following a repo seller default. State Street’s short-term credit rating: A+/AA1. Transparency of trade and margin call settlement: With links to State Street’s Collateral+ Triparty Solution for Peer-to-Peer Repo, Venturi displays confirmed trade matches, collateral valuation and margin calls, and collateral movements between counterparties. In helping to centralize liquidity pools and enhance transparency, Venturi seeks to open up for the buy-side new trading opportunities, lower their transaction costs and improve their returns. About State Street Corporation State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide.

Read More