Digital payment firm InstaReM has announced the launch of cash payout options for recipients in Philippines, allowing 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 $33.5 billion country in 2019, contributing more than 11 percent of the country’s GDP.
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.
Users in the country can now pick up cash at approved outlets, including Bayad Centers 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, and BDO, among many others.
Users can also opt for direct transfer to a bank account, a prepaid card, or door-to-door delivery. The services apply for both real-time payments (within five minutes) or same-day payments:
- InstaPay – Real-time payments of up to P50,000 into the accounts of beneficiaries with 35 local banks.
- PesoNet – Same day payments with no transaction limits.
“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, the mother company of InstaReM.
“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,” Yogesh added.