WorldRemit maintains vast physical network

MANILA, Philippines — Global payments company WorldRemit maintains its robust network of 25,000 cash pick-up locations nationwide to cater to unbanked Filipinos amid the massive adoption of digital technology in the country.

WorldRemit country director Earl Melivo said that the company wants to make sure that beneficiaries could still claim remittances with ease wherever they may be such as the neighborhood pawnshops despite the popularity of online transactions in the country.

“Although the Philippines have made progress in making digital finance accessible for all, many Filipinos who remain unbanked still find international remittances through mobile wallets intimidating,” Melivo said.

Digital technology has made receiving money from loved ones abroad quicker and easier. Despite the convenience of mobile and online financial services, many adults across the globe, who rely on international money transfers, remain unbanked.

While mobile wallets continue to grow, majority of Filipinos still prefer to use cash.

Although seven out of 10 unbanked adults in the Philippines own mobile phones, online banking and use of mobile phones for financial transactions is being adopted at a slow rate.

The Bangko Sentral ng Pilipinas (BSP) cited the lack of awareness on online financial service offerings and a preference for completing transactions in-person stood as the major barriers to the shift online.

“Educating Filipinos on the benefits and convenience of banking online, compared to in-person transactions or not having a bank account at all is therefore essential to further growth and adoption of digital solutions,” Melivo said.

As remittances remain a vital lifeline for the Philippine economy, ensuring customers have access to receive these funds in whichever way they require, remains essential.

For overseas Filipino workers (OFWs) sending money home, WorldRemit offers customers a better way to send money with fast international cash transfers and low transfer fees.

Data showed that 41 million Filipinos are unbanked, which equates to a little over half or 53 percent of the country’s adult population.

For those unbanked individuals, having access to digital solutions that allow them to take care of daily needs, pay bills, became more feasible as COVID swept across the globe and behaviors shifted to an online-first approach.

This led to an increased adoption of mobile money, a form of electronic money that allows people to conduct financial transactions using a mobile phone.

One of the overwhelming benefits of mobile money is that it allows financial services to be offered to unbanked people at a significantly lower cost.