Paysend, the international payments platform and card-to-card pioneer, today released a short film produced by for them by BBC StoryWorks Commercial Productions, to uncover the challenges surrounding financial inclusion in Latin America. This short film is titled, “The Virtual Bank Card Boosting Wellbeing”, and follows the financial challenges faced by Latin Americans due to minimal access to basic financial services in the region. 

"Through this film, we aim to increase awareness and understanding of the daily challenges that many people in Latin America face due to the lack of access to financial services and the importance of remittances,” said Jairo Riveros, Managing Director, Paysend. “Coupled with our Mastercard partnership, the film will enable us to engage with a global audience and provide valuable insights on financial education and inclusion." 

With 70% of the Latin American population being unbanked, millions of people rely on remittances from family members abroad for basic necessities like housing and food. To address this issue head-on, Paysend introduced Paysend Libre in November 2022.

Paysend Libre allows unbanked users in Guatemala and soon other countries in Latin America to receive remittances from the U.S. instantly to a Paysend virtual Mastercard digital card. The virtual card is ready to use in minutes, allowing the millions of people that rely on funds from family members abroad to access their money safely and simply.  

“On a purely operational level, financial inclusion involves access and continued use of formal financial services for everyone, regardless of where they live. Yet, in its deepest implications, it contributes to eradicating poverty, ending inequality, promoting employment and industry, and is a guarantee of independence, among other important goals, for women entrepreneurs,” said David Goldschmidt, Vice President, Transfer Solutions, Mastercard Latin America and the Caribbean. “Advancing financial inclusion is not something that should be done; it is something that must be done. We are proud to partner with Paysend on this important mission and look forward to driving further progress together."

As a UK-based next-generation integrated global payment ecosystem, Paysend offers its services to consumers and businesses, providing over 40 payment methods for online SMEs. Paysend can send money to over 170 countries worldwide and supports cross-network operability globally across Mastercard, Visa, China UnionPay, and local ACH and payment schemes.

To watch the short film, visit www.wireddifferentlyseries.com. If you are in the UK, you can view the film at https://www.innovatefinance.com/wired-differentlyseries.