After the resurgence of COVID-19 cases and mobility restrictions in the Philippines, all eyes are now on what 2022 will bring to the millions dependent on remittances each year.
With this in mind, WorldRemit Country Director, Earl Melivo shares his market trend predictions for the year.
1. Remittance growth expected to continue
WorldRemit processed nearly 10 billion dollars in transactions in 2020 and remittances are expected to continue growing in 2022— perhaps at a slightly consistent rate when economies around the world stabilize.
2. Mobile wallets surge in popularity
2020 saw a $2.4 trillion boom in contactless mobile payments and the industry is forecasted to maintain momentum.
Southeast Asia is the fastest-growing mobile wallet region—supercharged by e-commerce, internet, and smartphone penetration. According to recent studies, Philippine mobile payment users will triple to 75.5 million by 2025.
In 2020, $12.7 billion in cross-border remittances were processed digitally. Electronic payment is a popular alternative to physical banking given the convenience of lower costs, greater convenience, and the ability to send money on the go through mobile applications.
3. Safety comes first
Addressing safety concerns surrounding money transfers and sharing personal information online, money transfer companies have prioritized security measures above all else.
On the sending side, more companies are integrating additional features to verify customers through identity documents and their phone's IP address.
On the receiving side—such is the case in the Philippines as one of the top five remittance recipients in 2021—more deposits will be made directly to bank accounts and e-wallets due as an increasing number of people prefer not to handle cash.
“With the support of the BSP, digital payments services will continue to improve,” said WorldRemit Philippines Country Director Earl Melivo. “All WorldRemit transfers are encrypted through our automated machine learning system for fraud detection. Moreover, consumer education on the benefits and threats of the digital financial space is an ongoing endeavor by both the private and public sector to help protect customers.”
4. Speed is of the essence
To deliver the demand for faster money transfers, companies continually invest in their technology systems to make data exchange with financial institutions, telcos and local partners, and remittance flow more seamless.
At WorldRemit, 95% of transfers are ready within minutes. It uses API technology that enables it to facilitate remittances in almost real-time. Furthermore, increased communication and tracking features will be integrated for added peace of mind.
5. The simpler the better
Eventually, the steps to money transfers will be better optimized—from downloading the application, creating the user profile, and adding the beneficiary—until remittances become as easy as sending a text.
While relatively new, it is evident digital remittance is here to stay as the method of choice for customers. They have proven they’re just as safe as bank transfers—only much faster, cheaper, and more convenient.
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