El Salvador's Pay: Free, Fee-Free, Formal Finance
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
El Salvadors Central Bank introduces Pay, a free, 24/7 payment system, enabling informal workers to access financial services without a bank account. With QR code scans for cash receipts and transfers, Pay already boasts 10,000 users, including small businesses and entrepreneurs. Expanding to all banks and linking with Transfer365 for instant transfers and card payments, Pay aims to modernize payments, reduce reliance on loan sharks, and unlock formal credit for all Salvadorans.
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