Instarem Launches Cash Payout Option In The Philippines
- 24.04.2020 01:30 pm
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 20191. 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 cash2 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 payments3:
- Instapay – Real-time payments of up to 50,000 PHP into the accounts of beneficiaries with 35 Philippines banks.
- Pesonet – Same day payments with no transaction limits.
“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.”