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 & innovative banking services, is now working on bringing better remittance services to overseas Filipino workers (OFW).
Pearl Pay is working on an ecosystem of products that will help Filipinos across the globe facilitate their money transactions, faster and cheaper.
Currently, the Philippines sees an estimated 2.5 billion of payments monthly, amounting to $74 billion (Php 3.76 trillion). However, only one percent of these transactions are done electronically while the remaining 99% are still in cash or checks.
It takes an average of 21 minutes for a person in the Philippines to go the nearest access point such as money remittance agents or banks. The average round trip will cost around Php 43.00 (approximately USD 1.00). With transfer fees averaging 11% (over 3% higher than global average cost) to send money to the Philippines, OFWs and their relatives require a cheaper but still convenient way of sending and exchanging remittance.
Pearl Pay will turn around the e-Money and cash transactions ratio to help people save time and money – even the “unbanked” will be able to do transactions. Pearl Pay aims to be the National Payment Gateway of the Philippines by providing world-class yet affordable banking applications designed to interconnect the entire banking and payment industries in the Philippines. Pearl Pay services will include domestic/international money remittance, cryptocurrency exchange, and innovative payment solutions.
About Pearl Pay
Pearl Pay is a FinTech company providing world-class yet affordable banking applications designed to interconnect Filipinos and 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.