New Prósperos app aims to improve money transfer process for immigrant families

REDWOOD CITY, Calif. (KGO) -- A new partnership between a tech company and local leaders aims to enhance safety and convenience for immigrant families sending money to Latin America.

The app, called Prósperos, was developed by Salvador Chavez and Vinay Pai, with the goal of transforming the way people send money to family members in countries where other transfer services may not be available.

The founder says it takes just four minutes to open an account using an ID and a selfie, and the app provides recipients with a Mastercard, which can be used to withdraw cash from ATMs or make purchases.

"It can be used at a taqueria. It can also work at an ATM machine. So sometimes you have to have cash, and this is the best way to get it there," said Vinay Pai, Prósperos CEO and cofounder.

One of the key features of the app is that it allows users to track and control how their loved ones spend the money.

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While the app is free to use, the company says it generates revenue from merchant fees associated with accepting the card.

Local Latino leaders, including Redwood City's planning commissioner and East Palo Alto Mayor Antonio Lopez, are supporting the app.

Lopez pointed out that many Latino families are at risk when carrying large amounts of cash to wire transfer locations, a risk his own family faced.

"I remember as a kid, vividly, every week, him sending money. And it never occurred to me how much he's losing in fees," Lopez said, referring to his father.

For community members ABC7 spoke with, the app's security features, particularly the reduced risk of fraud and robbery, are especially appealing. One San Mateo County resident shared in Spanish that in some cases, families abroad don't receive their money due to various issues, leaving them without the funds they need.

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Others appreciated the convenience the app offers, eliminating the need for lengthy waits at banks or transfer services.

"It's a good idea to save time because sometimes there are many lines for people to make these transactions," said another resident in Spanish.

The app is now available on Google Play and the Apple App Store, and officials are focused on community outreach efforts.

"Ultimately the program has to come from somebody they trust," said Maggie Cornejo, Redwood City planning commissioner.