Place/Date: Manila Philippines - July 19th, 2018 at 4:41 pm UTC · 2 min read
Contact: Precious Valerie Silva, Source: PearlPay
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)
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.
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.
Disclaimer PearlPay is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.