More and more Filipinos have since embraced the use of technology for their everyday finances (from paying bills and sending money abroad, to managing investment portfolios), especially at this time of the pandemic when face-to-face banking transactions have been reduced.
In a survey conducted by a global payments company earlier this year, 80% of about 3,000 respondents said that they will continue using finance technology services even long after the pandemic. 68% of the respondents also admitted to using digital money transfer services at least once a month to send money to their loved ones, with a further 28% sending money multiple times a year.
The survey, which was conducted among WorldRemit users based in the United Kingdom, United States, and Canada, also noted that 18% of these users have sent money to the Philippines, followed by Nigeria and Ghana at 11% and 10%, respectively.
Users of the digital payment service also said they sent more money abroad amid the pandemic to cover increased medical expenses, daily expenses, utility, and education costs for their families back home.
Keeping the economy afloat through OFW cash remittances
In 2021, Overseas Filipino Workers (OFWs) have sent a total of $31.4 billion in cash remittances, signaling a recovery of the Philippines’ pandemic-stricken economy. This figure is 5.1% higher than the $29.9 billion worth of remittances in the first year of the pandemic, according to the Bangko Sentral ng Pilipinas (BSP).
The US remains the leading source of remittances, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and South Korea.
WorldRemit, a leading global payments company, has issued a statement assuring users it will continue to provide easier remittance sending through its purely digital and cashless transactions.
“This is crucial as OFWs are regarded as one of the main contributors to the economy. Their remittances continue to buoy the Philippines on the road to post-pandemic recovery,” the statement read. “A major factor to the increased digital remittances among OFWs is convenience,” it added.
Through WorldRemit, OFWs can now opt to send their remittances through the mobile app and they only need to provide the phone number and email address of their loved ones staying in their home country. As the COVID-19 pandemic has limited the operating hours of several money remittance centers, OFWs can now also transfer money any time of the day without having to worry about the different time zones.
According to World Remit, ninety-five percent of the app’s transactions are received within minutes. The company retains a robust network of 25,000 cash pick-up locations nationwide.
The Philippines as WorldRemit’s leading remittance recipients
Leading global payments company WorldRemit has also found the Philippines to be one of the leading remittance recipients in its in-app money remittance platform. Thus, it has promised to make digital remittances as accessible to more Filipinos as possible, ensuring that their transactions and interactions with technology will be made simpler to allow them to easily connect to their loved ones back home in the digital age.
On the sending side, WorldRemit is 100% digital (cashless), thus, increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up, and mobile money.
“Since we first allowed transfers to the Philippines in 2011, WorldRemit users globally have already sent billions of dollars to the Philippines,” said Earl Melivo, Country Director for the Philippines of WorldRemit. “As of 2021, WorldRemit continues to grow its volume to the Philippines significantly, retaining it as one of our largest receive markets, globally. In the coming months, the company will strategically launch new services to Filipino users and will continue to expand our Philippine payout network. This is aside from our current initiatives, which seek to further improve our customer platforms in order to provide better value and the most competitive price points for our senders,” he explained.
WorldRemit understands that in times of economic uncertainties, access to financial services, particularly remittances, is crucial. To address this need, the company established a robust payout network of more than 100 banks, leading mobile wallet services, and 25,000 cash pick-up locations in the Philippines in an effort to provide customers the flexibility to send (from abroad) and receive (for families of OFWs) money however they prefer.
WorldRemit simply connects senders abroad to their families here in the Philippines by allowing the most convenient and cost-effective ways of sending much-needed remittances. The company simply connects senders abroad to their families here in the Philippines, allowing the most convenient and cost-effective ways of sending the much-needed remittances.
“This will always be our core focus as a company. However, we ought to continue to further build our services through current and future strategic partnerships with banks and other financial services providers, even beyond remittances,” Melivo ends with a smile.