SINGAPORE, April 24, 2020 /PRNewswire/ -- InstaReM, the consumer and SME arm of global financial technology platform NIUM, announced today the launch of cash payout options for recipients in Philippines. The service allows InstaReM users to pick up cash at approved outlets.
The Philippines is one of the world's biggest remittance markets, with overseas Filipino workers transferring funds in the amount of US$33.5 billion back to their home country in 2019[1]. Contributing more than 11 percent of GDP, these remittances back to the local economy are vital as they stimulate the consumption of goods and services.
Though the country is starting to adopt cashless payments, majority of the transactions are still in cash. With the introduction of cash payout service by InstaReM, consumers have the option of withdrawing the remittance in a manner that is convenient to them, and yet still enjoy cheaper, faster and more efficient digital remittance services.
Starting from now, users in the Philippines are able to pick-up cash[2] at approved outlets, including Bayad Center and select marts. Users will need to present their identification card for verification and fill in a claim form for cash pick-up at approved outlets including branches of Cebuana, MLhuiller, Palawan, LBC & BDO, amongst many others.
This is an additional option for receiving payments. Users in the Philippines can also opt for direct transfer to a bank account, a prepaid card or door-to-door delivery. These services apply for both real-time payments (within five minutes) or same day payments[3]:
"Creating a new, efficient, payments corridor for the Philippines has always been one of InstaReM's key goals. We have listened to our needs of our Filipino customers and added a cash payout option to our existing service to banks in the Philippines. It is all part of our ongoing commitment to making it more convenient for customers to transfer and receive money wherever they are in the world," said Yogesh Sangle, Global Head of Consumer Business at NIUM.
Yogesh added, "We understand that some of our Filipino customers have been unable to visit locations including Lucky Plaza in Singapore, Kota Raya in Kuala Lumpur and World Wide Plaza in Hong Kong to remit their hard earned money back to their loved ones in the Philippines. Our InstaReM platform is well positioned as a resolution to these customers for transferring monies in the comfort of their own homes at really competitive rates."
For more information about the service, please refer to https://www.instarem.com/en-sg/transfer-money-to-philippines.
[1] Philippines Central Bank, https://business.inquirer.net/290734/remittances-hit-all-time-high-of-33-5b-in-2019 |
[2] This is applicable for P2P transfers only. |
[3] Payments made on the weekends or during public holidays will be processed the next working day. |
About NIUM
Singapore-headquartered NIUM (formerly known as InstaReM) is a global financial technology platform. The NIUM platform empowers businesses to send, spend & receive funds across borders, with a mission to democratize money movement across the globe. NIUM is regulated in Australia, Canada, Europe, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and the United States of America, and processes billions of dollars a year for banks and payments institutions, next generation of e-commerce players, OTAs and retail users across the world. NIUM's investors include Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.
For more information, visit https://www.nium.com/.
Media Contacts:
Gillian Loo
Gillian.loo@instarem.com
+65-9863-8120
