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Mastercard seeks to cut in half the cost of sending money to Latin America

The expectation is to help save around $20 billion per year for those who, from a distance, support their families with money transfers

December 6, 2024 - 2:52 PM

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The average cost of sending money to countries in Latin America was 5.8% in 2022, according to Mastercard data. That means that for every $200 sent from the U.S. to a loved one in Mexico, the consumer would pay about $11.60. (Rolando Pujol)

By Efraín Montalbán Ríos

Periodista de Negociosefrain.montalban@gfrmedia.com

Miami - Given the great weight that remittances represent in the budget of millions of families in Latin America, the payment processing company Mastercard has implemented a digitalization strategy with the aim of reducing the cost of sending remittances by almost half.