The coronavirus pandemic has led to the era of social distancing. It has also increased awareness about the many advantages of digital payment methods.
At WorldRemit, we are experiencing close to 150% year-on-year growth in new customers.
More people are sending remittances to multiple recipients around the world through our international payment service.
Remittances are an essential source of income for millions of families. To emphasize this point, remitters play a key role in their countries’ social and economic development.
The World Bank reported in its 2020 Migration and Development Report. In 2019, Filipinos sent remittances amounting to over US$ 33 billion back home.
The study also shows that the World Bank expects remittances to decline by as much as 20 percent to the Philippines.
The Bangko Sentral Ng Pilipinas (BSP) or Central Bank of the Philippines also revised its remittance growth target. The target is 2 percent of GDP due to job losses due to the global pandemic.
WorldRemit for Mobile Money Wallets
The World Bank nevertheless notes that Filipino migrants have traditionally increased support for loved ones back home during emergencies in digital payment.
WorldRemit is the world’s leading remittance provider for mobile money wallets. According to BSP’s 2017 Financial Inclusion survey, this service helps millions of unbanked people. The accounts are for over 70 percent of the Philippine population.
Recently, developers have enabled money transfers to over 40 million GCash, Paymaya, and Coins.ph wallets. In addition, the customers can now send up to 100,000 PHP per month to these providers per wallet.
The BSP actively promotes digital payments through the interbank switches between Instapay and Pesonet along with the introduction of a national “Quick Response” code to facilitate contactless payments. These technology-enabled platforms are consistent with the objectives of the BSP to improve financial inclusion in the country and raise digital payments to 30 % of total retail transactions by the end of this year.
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