Technology has enabled global consumers access to financial applications, mobile banking, and payment solutions to make their lives easier than ever before. It comes as no surprise that by 2019, 64 percent of consumers around the world were found using some sort of financial technology, with companies growing their products, services, and offerings to meet enhanced demands.
Thanks to vast offerings in the fintech space, a large number of underrepresented and underbanked individuals continues to decrease. Consumers’ preference for digital tools and services for sending money overseas has led experts to project a steady growth for digital remittances in 2023 and beyond. Digital platforms at the forefront of advancing fintech, such as WorldRemit, make the most of a growing number of tech-savvy customers who opt for affordability and greater convenience.
“Despite its common use, people might be surprised to remember that digital money transfer platforms have only been prominently used in over a decade,” said Earl Melivo, Interim APAC Managing Director of WorldRemit.
Traditional methods of international fund transfer, such as banks, post offices and physical remittance agent locations, can be a slow and expensive experience that many Filipinos have grown accustomed to. However, these services may not be available in all locations.
Alternatively, digital remittances are commonly a cheaper option as they have little to none of the operational costs needed for maintaining physical stores or branches. It is also more practical because it allows you to send and receive money instantly and from anywhere through a secure, 24/7 platform.
Zepz Group, the holding company of WorldRemit and its sister platform Sendwave, reported a total of $1.6 billion (USD) remitted through their channels by the end of 2022. This marked a 23 percent increase from remittances in 2021. They also reported significant increases in transfers from countries like the US and Australia.
Additionally, online transfers mean more people without access to banks or remittance centers can still enjoy accredited financial services. Anyone with a mobile device and an internet connection can easily receive transfers for free through WorldRemit.
“The universal aspiration for financial mobility and inclusion will always drive disruption in any industry, no matter what. That’s why we at WorldRemit place these at the heart of what we do,” Melivo said.
“Our rapid growth proves our grit and the resilience of our customers as we all weather the increasing pressures of inflation and recession,” he added.
For 2023, WorldRemit aims to further innovate remittances as it continuously grows and optimizes its services across 130 countries and 70 currencies worldwide.
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