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Paysend Group is embarking on a campaign to make its name known among U.S. Hispanic peer-to-peer payments users with an advertising campaign and an offer of fee-free money transfers to Latin America, at least initially.
Having opened a U.S. office in 2022, London-based Paysend hopes its advertising campaign, which debuts Monday, will get it some name recognition among U.S. Hispanics. Initially, the campaign includes two TV commercials, TV program sponsorships, radio advertising, podcast sponsorship, and social and digital messaging, all in Spanish. The ambitious goal of it all is to establish Paysend as a household brand in the Hispanic community, Paysend says.
“This campaign is a significant milestone for Paysend for us to build the brand in the U.S. and disrupt the market with a competitive alternative, Rupert Bedell, Paysend chief marketing officer, said in a statement. Paysend said in 2022 it had approximately 7 million users, double the tally in 2021. That growth was aided by links to real-time services like Mastercard Send and Visa Direct.
Digital money transfer companies like Paysend hope to capitalize on consumer use of apps and online services to capture a share of the money transfer market, which was estimated at $26.5 billion in value globally in 2022 but is forecast to have a compound annual growth rate of 15.8% through 2032, when it could top $110.8 billion, according to MarketResearch.biz, a research firm.
Paysend, which didn’t say how long its service will be fee-free, says funds can be sent via Visa and Mastercard debit cards, bank accounts, and for cash pickups in certain countries. It has a $2 fee for most other countries, though some transactions are free if sent directly to a bank account.
