MANILA, Philippines — London-based WorldRemit continues to make it easier for overseas Filipino workers (OFWs) to send money to their loved ones in the Philippines through digitalization.
Earl Melivo, country director for the Philippines at WorldRemit, said the growth in digital payments would remain strong as several host countries continue to reopen their borders to OFWs after strict COVID lockdowns.
As online spending soared during the pandemic, digital wallets saw a surge in newly registered users, causing Filipinos to shift away from cash transactions and toward digital payment platforms for their financial needs.
“Transparency is extremely important to us and our customers. The WorldRemit app allows customers to track their transfer and reassures them that they are getting great value with no hidden costs or additional fees,” Melivo said.
Mobile payment wallets have become a vital part of the Southeast Asian consumer landscape, providing financial access for millions of previously excluded people.
Other factors that contributed to the advancement of digital transactions include convenience, along with innovative services provided by global players, such as WorldRemit, which ranks the Philippines as one of the top five countries that receives the highest amount of personal remittances on an annual basis.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the share of digital payments to total retail transactions soared to 30.3 percent last year from 20.1 percent in 2020 in terms of volume and to 44.1 percent from 26.8 percent in terms of value.
Under its Digital Payments Transformation Roadmap, the BSP aims to convert 50 percent of total retail transactions to electronic channels and increase the number of Filipino adults with bank accounts to 70 percent by 2023.
WorldRemit makes it easier for OFWs, one of the highest contributors to the Philippine economy, to send funds to their families back home from nearly anywhere in the world.
“This is crucial as their remittances continue to buoy the Philippine economy on the road to post-pandemic recovery,” Melivo said.
WorldRemit said OFWs are no longer limited to the physical constraints and accessibility of conventional remittance processes through brick-and-mortar retailers.
Remittance senders simply need to download the app to begin the transfer process, while recipients only require a phone number and email address for notification purposes.
Before completing transactions, senders are shown the full amount the recipient will receive and any fees, so they can be assured that their loved ones get the correct amount of money with no hidden costs.