Paysend is rolling out an ad campaign to solidify itself as a leading money transfer service among the Hispanic community.
The campaign will include a mix of traditional and digital advertising, including commercials, radio advertising, as well as podcast opportunities—all in Spanish, according to Paysend’s press release.
In an effort to stand out among competitors, Paysend is not charging a transfer fee—at least not during the initial launch—which typically runs between $3 and $10. But as the press release pointed out, Paysend is hoping to capture a considerable slice of the remittance market.
Targeting the Hispanic market is a strategic move for the company. According to the Pew Research Center, the U.S. Hispanic population surpassed 60 million in 2021, making it a powerful demographic force with a strong commitment to sending money to family and loved ones.
“Paysend’s marketing campaign portrays sending remittances and cross-border payments as an easy, convenient, and positive experience,” said Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research. “With ads in their native language, a Hispanic cast, and more Spanish speaking customer service staff, Hispanic customers can relate better and feel more comfortable sending money to their loved ones back home. I recently had to make an international P2P payment and realized it’s not as simple and inexpensive as sending money to a friend within the U.S.”
Remittances Are on the Rise
Cross-border payments are increasing worldwide and the need for solutions to make these payments faster and less costly is becoming more important. The first focus for cross-border payment providers was to improve the user experience for P2P (Person to Person) transactions, but over time, this has now expanded to cross-border payments for B2B (Business to Business) solutions.
This was the focal point of discussion in a Javelin report released last year, which explored the latest developments around cross-border B2B payments and delved into how various players— including central banks, fintechs, banks, processors, and networks—are working together to continuously improve on cross-border payment solutions, especially within the B2B market.
On that note, Singapore and India recently established a link between their respective real-time payment schemes which facilitate instant mobile phone transfers between the two countries. This was not Singapore’s first foray into cross-border transactions as the country previously developed a similar solution with Thailand and Malaysia.
The Monetary Authority of Singapore and Bank Negara of Malaysia also developed a cross-border QR code payment link which facilitates in-person payments by scanning the QR code on display by merchants.