- Paysend, which is a provider of card-to-card international money transfer services, has confirmed that it can now enable its US clients to transfer cash to Mastercard cards in more than 60 countries.
- On the list include Latin American nations such as El Salvador and Colombia as well as Mexico and Honduras.
- “With this new functionality, U.S. residents can easily transfer money to friends and family around the globe, directly to an eligible Mastercard card,” said a senior spokesperson for the firm.
Paysend, a provider of card-to-card international money transfer services, has revealed that it is now possible for customers based in the US to transfer money directly to Mastercard cards in more than 60 nations.
Paysend said that it had made it possible for clients to send money abroad to places such as Guatemala, the Dominican Republic, and more.
Also on the list are Mexico, Colombia and Honduras as well as El Salvador.
The new service will work via the Mastercard Send functionality, which permits companies and individuals to exchange cash in close to instantaneous timeframes locally and internationally.
The move is happening against a backdrop of high migration from the Latin America region to the US, and of accompanying high remittance flows.
One study by the World Bank found that there was a rise of over 20% in the amount of remittances going into Latin America in 2021 compared to the year before.
In a statement, the chief strategy officer and managing director for the Latin America and US regions at Paysend said that the new functionality would permit simple transfers across the world.
Jairo Riveros said that it would be easy for the new transactions to take place – and that the Mastercard card had to be eligible.
“With this new functionality, U.S. residents can easily transfer money to friends and family around the globe, directly to an eligible Mastercard card,” he explained.
He went on to say that there were many possible uses for this new functionality, including sending money to family members and providing support for studying abroad.
“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 neighbor can pay another neighbor securely for a used item, long-distance family members can quickly send money to help with medical bills and groceries, and much more,” he said.
In further remarks, he said that payments going into the region worked as a “safety net”.
“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,” he explained.
“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.”
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