Remittances from overseas could work better and local entrepreneurs need greater support, said visiting CEOs.

The current approach to sending money to Cuba is “time consuming and expensive” said Dan Schulman, who claims PayPal can do it better.

He was one of a number of business executives accompanying President Obama on his visit to the country, the first by a US leader for 88 years.

Also on the trip was Stripe chief Patrick Collison, who announced the firm is now accepting applications for its Atlas service from Cuban entrepreneurs, following last week’s lifting by the US of an embargo on access to financial services by Cubans.

Announced at Mobile World Congress, Atlas enables startups in the developing world to access the same tools enjoyed by firms in the US.

“When the White House reached out to us about the role Stripe might play in this process, we jumped at the idea,” he blogged.

Cuban entrepreneurs will be able to incorporate as US companies, set up US bank accounts, and use Stripe to start accepting payments from customers around the world, all features of the Atlas service. Collison said the firm will be working “as quickly as possible” with partners to make these features available to Cubans.

Meanwhile, Schulman argued remittances can channel investment into the country. A total of $2 billion is already sent annually from ex-pats in the US, representing 3 per cent of Cuba’s GDP.

He expects PayPal’s Xoom unit, which offers a mobile remittance service, to be available in Cuba by the end of the year, alongside rivals.

“Introducing these money transfer services will not only foster financial inclusion – but they can have a positive impact on the day to day quality of life — eliminating long lines and fostering greater choice in this community,” he said.

Still major barriers remain for Cuban start-ups and capital inflows into the country, such as limited financial infrastructure, poor and restricted internet access and minimal acceptance of US credit cards.