Pearl Pay to Solve OFW Remittance Problems
Over 10 million Filipinos pay a hefty price working abroad to send money to their loved ones back home. Pearl Pay seeks to address this very plight by offering an ecosystem of digitized banking and remittance solutions for Filipinos here and abroad.
- (1888PressRelease) June 12, 2018 - Manila, Philippines - Pearl Pay, a Financial Technology Company that helps Small Banks, Financial Institutions and MSMEs (Micro, Small and Medium Enterprises) through its secured mainstream and innovative banking services, will soon be offering a series of products and services to help overseas Filipino workers (OFWs) send money cheaper and faster to the Philippines.
Pearl Pay, a Philippine e-banking platform, will provide world-class and affordable financial services to Filipinos. These will include domestic/international money remittance, cryptocurrency exchange, and innovative payment solutions.
Currently, the Philippines manages $74 billion (Php 3.76 trillion) worth of transactions monthly. This is equivalent to around 2.5 billion of payments. Despite the technological innovations, only one percent of these transactions are electronic, the remaining 99% remain in the form of cash and check.
It costs a person in the Philippines around Php 43.00 (approximately USD 1.00) and takes 21 minutes on the average to reach the nearest bank or money remittance agent. The average rate of money transfers in the Philippines is also at 11% which is over 3% higher than the global average cost of 7.3%.
With just the use of a smartphone connected to the Internet, Pearl Pay will make it possible to have affordable banking transactions right in the palm of a hand – anytime and anywhere. Even the "unbanked" will be able to carry out the transactions for a fraction of a cost.
With Pearl Pay, the Philippines will be back on the map not just for knowing how well selfie works but also by empowering its citizens to connect more and to do more.
About Pearl Pay
Pearl Pay is a FinTech company providing world-class yet affordable banking applications designed to interconnect Filipinos and the payment industries in the Philippines. Its Virtual Money Logistics System (VMLS) provides a comprehensive “Mobile Payment and Money Transfer Platform as a Service” relevant and aptly designed for the needs of people for actual use and financial inclusion. The company continues to develop technologies and products based on blockchain to provide a holistic ecosystem that people across the globe can use to facilitate their financial needs.
www.pearlpay.io
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