Digital remittance service gears up for a brighter future
Published Jun 21, 2023 04:56 am
Remittances are a powerful force for good in the developing world. These are the money that migrants send home to their families in their home countries. They are a significant source of income for many developing countries, and can play a big role in economic growth. Sadly, even though global remittances have risen for the past 2 years, the cost to send money remains high.
World Remit addresses this issue by making quick, secure, and cost-efficient services more available around the Philippines. The leading digital remittance service has steadily grown with over 20 million money transfers to the Philippines since 2011.
Robert Mitchell, WorldRemit Chief Financial Officer shared, “We have not seen any pullback in demand with the global turbulence in the economic markets. If anything, remittances continue to play a much stronger role in people’s lives, particularly in the market in the Philippines”.
Notwithstanding the impact of Covid-19 pandemic, remittances have remained resilient thanks to World Remit's expeditious adoption of mobile money channels and the ability to maintain a network of over 25,000 pickup locations. WorldRemit reports a 50% growth of users in 2020 by shifting traditional services into the digital age thereby adapting to the evolving needs of its users.
“Looking back gives us a better understanding of how digital platforms adapt and develop with the times. This helps WorldRemit build trust among migrant workers as a longtime partner in global remittances,” said Earl Melivo, Head of APAC at WorldRemit.
According to Mitchell, remittances are endless and essential. It will remain vital to recovering economies. As of October, personal remittances have returned to pre-pandemic levels with a 4 to 5% growth rate.
At present, Melivo and Mitchell are gearing up for the challenges of further enhancing customer experience and partnerships across the payment ecosystem. By empowering people financially and socially, WorldRemit is assured of a bright future.
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