REDWOOD CITY, Calif. (KGO) — A new partnership between a technology company and local leaders aims to increase safety and convenience for immigrant families sending remittances to Latin America.
The app, called Prosperos, was developed by Salvador Chavez and Vinay Pai to change the way people send money to families in countries where other money transfer services are unavailable.
According to the founders, it takes just four minutes to open an account using an ID and a selfie, and the app provides recipients with a Mastercard that can be used to withdraw cash from ATMs and make purchases. .
“You can use it at taquerias, you can use it at ATMs, so sometimes you need cash and this is the best way to get it,” said Vinay Pai, co-founder and CEO of Prosperos. he said.
One of the app’s key features is that it allows users to track and control how their loved ones spend their money.
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The app is free to use, but the company says it makes money from merchant fees associated with accepting cards.
Local Latino leaders, including Redwood City’s planning commissioner and East Palo Alto Mayor Antonio Lopez, support the app.
Lopez noted that many Latino families are at risk when carrying large amounts of cash to wire transfer locations, and that his own family faces similar risks.
“I vividly remember him sending money every week when I was a kid, and I never thought about how much I was losing in fees,” Lopez said of her father.
The app’s security features, particularly reducing the risk of fraud and robbery, are particularly appealing to community members ABC7 spoke to. One San Mateo County resident said in Spanish that family members overseas are unable to receive money due to various issues, leaving them without the funds they need.
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Some people appreciate the convenience that apps provide, as they no longer have to wait long hours at banks or transfer services.
Another Spanish resident said: “There are sometimes long queues for these transactions, so it’s good to save time.”
The app is currently available on Google Play and the Apple App Store, and authorities are focused on community outreach efforts.
“Ultimately, the program needs to come from someone we trust,” said Redwood City Planning Commissioner Maggie Cornejo.
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