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Paysend is a payments platform that enables customers and businesses around the world to pay, hold and send money anywhere, in any currency, anywhere online. Based in the UK with global outreach, Paysend was founded in April 2017 with a clear mission to change the way money moves around the world. First payment disruptor to introduce global card-to-card transfers.
Paysend currently supports connections between 12 billion cards worldwide. master Card, visa, China UnionPay and local card schemes in multiple countries around the world. It is active in 60 countries around the world and has a growing network of over 110 recipient countries.
With over 20 years of experience in multiple industries such as payments, pensions and investments, we spoke with Riveros to understand how Paysend entered the Latin American market.
Paysend was founded five years ago with a mission to change the way money moves around the world. The company was founded by him in 2017 and to date he has served over 7.5 million consumers. send You can send money to over 150 countries around the world.
and Paysend, my role is Managing Director of the Americas and Global Head of Strategy. I am responsible for defining and implementing regional business strategies across the United States and Latin America, building world-class fintech teams, and securing additional regulatory approvals, licenses, and partnership agreements across the Americas.
after the pandemic world bank Remittances from the US to Latin America were estimated to fall by 20%, but the opposite happened. Remittances began to surge in the region as migrants wanted more than ever to support their loved ones abroad.
Until recently, most banks in Latin America lacked digital options such as mobile apps, resulting in a growing unbanked or unbanked population. Individuals were forced to manage their finances directly at physical banking locations. send Funding on a regular basis.
Examples of these include countries such as El Salvador and the Dominican Republic, which sometimes include outdated requirements such as having landline service, despite the growing tendency to own only mobile phones. document was presented to the user. Digital money transfer methods have made it easier to send money to friends and family in Latin America.
Even before inflation, immigrants often saved money and send family every month. Today, 75% of immigrants send Money has increased since the beginning of 2022.This allows immigrants to make more money send Despite fears of a recession in the US and other countries, I returned home.
Consumers around the world are also feeling the effects of inflation. In other words, many immigrants who feed their families send Additional funding to account for increased costs. Immigrants are known to be hardworking and adaptable, so it’s no surprise that people around the world are reported to be actively cutting back on their daily expenses to maintain their livelihoods. There is none. send A money house to support loved ones.
Only 30-50% of Latin America’s 15+ population has an account with a financial institution, creating a banking divide within the region. Moreover, the monopoly of more prominent financial institutions has impeded the progress and personal economic growth of many people.
Lacking support from financial services, Latin Americans face barriers to having a bank account, including regulations and requirements.
Fintech is democratizing the financial space by giving the unbanked the opportunity to manage their funds outside of traditional bank accounts.This is how we Boom of digital penetration and local fundraising. Fintech companies are aware of the barriers faced by underserved populations, and are working to create a vicious cycle, such as providing financial education and making financial tools more accessible to people in developing countries. We are taking important steps to stop
(49% of respondents even claimed to cut back on eating out, and 46% said they started cooking at home so they could save money on their daily expenses and continue sending money abroad.)
Due to rising costs and inflation, many consumers are limiting their spending on recreation in order to have the funds to feed themselves and their loved ones during this time.
Separating costs into essential and non-essential items allows consumers to manage their funds and think carefully about which costs take precedence over others. Consumers should also create a budget with outlined financial goals to avoid spending more than they earn.
It’s also a good idea to monitor how much money you spend in a particular week or month.money management platforms like Paysend Allow users to track their spending online and on the go.
With the outbreak and continuation of covid-19, plus the cost of living and inflation rates remaining fluid globally, digital money transfer companies are touting left and right that they have the lowest fees on the market. However, customers may still spend more money on transfers due to hidden fees.
Historically, there has been a lack of cost transparency within the industry when it comes to overall costs. Remittances may increase in price due to exchange rates, remittance fees, receipt fees, etc. We are proud to already drive this mobility goal of offering our customers a flat $2 transfer fee.
PaysendOur promise to our users is to provide instant, freemium, borderless global money transfers so that you can: send More money for loved ones at home.
this year, Paysend is affiliated with visa direct, master Card send When MOVii Wallet Expand your digital footprint in the Latin America region. Our team will continue to focus on partnerships like this to expand our capabilities in Latin America to support the local economy and contribute to financial inclusion around the world.
It also recently opened its Miami headquarters. This is a strategically important location and a growing global fintech capital, making it a great place to serve. PaysendCustomers in the US, Canada, Caribbean and Central America.
Rising internet and mobile phone penetration, as well as expanding digital solutions, will enable greater financial inclusion in the region as customers seek faster, more convenient and lower cost solutions than those offered by the traditional banking system. will be
and Paysend We want our customers to continue send Funds returning home at a fair rate.
Francis Bignell
