Mobile payment wallets have become a vital part of the Southeast Asian consumer landscape, providing financial access for millions of previously excluded people.
In the Philippines, as online spending soared during the COVID-19 pandemic, digital wallets saw a surge in newly registered users causing Filipinos to shift away from cash transactions and towards digital payment platforms for their financial needs.
With the growth of digital payments expected to remain strong, bolstered by the number of Overseas Filipino Worker (OFW) deployments for international job opportunities, and the proliferation of central bank digital currencies, early adopters are already taking advantage of the benefits that financial connectivity provides.
Other factors that contributed to the advancement of digital transactions include convenience, along with innovative services provided by global players, such as WorldRemit, which ranks the Philippines as one of the top five countries that receives the highest amount of personal remittances on an annual basis.
“Transparency is extremely important to us and our customers. The WorldRemit app allows customers to track their transfer and reassures them that they are getting great value with no hidden costs or additional fees,” said Earl Melivo, Country Director for the Philippines at WorldRemit.
Overseas remittance made easy
WorldRemit makes it easier for OFWs, one of the highest contributors to the Philippine economy, to send funds to their families back home from nearly anywhere in the world. This is crucial as their remittances continue to buoy the Philippine economy on the road to post-pandemic recovery.
Overseas workers are no longer limited to the physical constraints and accessibility of conventional remittance processes through brick-and-mortar retailers. With WorldRemit, senders simply need to download the app to begin the transfer process, while recipients only require a phone number and email address for notification purposes.
Before completing transactions, senders are shown the full amount the recipient will receive and any fees, so they can be assured that their loved ones get the correct amount of money with no hidden costs. Additionally, WorldRemit makes conversion hassle-free with its in-app exchange rates updated in real-time.
Send and receive ‘round the clock
Customers can transfer how, where and when they want on the app, as the payment company’s services are not limited to the usual working hours of traditional remittance centers, nor hindered by time zones.
Sending money can happen at any hour of the day, and 95 percent of transactions are received within minutes.
Moreover, WorldRemit works with several major digital and traditional banks for money transfer transactions to facilitate receiving cash remittances.
Depending on the location of the sender, overseas Workers can conveniently send remittances to mobile wallets, bank accounts, or as a mobile money top-up. WorldRemit also has cash pick-up available at over 25,000 locations in the Philippines.
