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PH is a pioneer in the banking sector’s digitization

The success of digitalizing the payment system varies, but a Western Union representative claimed that the Philippines is one of the pioneers in this area.

Governments around the world are attempting to digitize, according to Western Union President for the Middle East and Asia Pacific Jean Claude Farah, “with more or less success since many have talked about it but few have accomplished achieving it.”

On the other hand, he stated that “this is currently taking happening, this is no longer a fantasy, a bargain, or an ambition” in the Philippines.

In comparison to the remittance industry, he claimed, “you guys are digitizing your remittance industry far more.”

One example is that the Bangko Sentral ng Pilipinas (BSP) wants to have 50% of all transactions in the country be digital by 2023.

Farah stated that while the government is pushing for the digitization of processes generally, “you are going down, down that road.”

According to him, “Western Union is always in support of any government effort that goes into making consumers’ lives easier.”

However, the recent poll conducted by Western Union revealed that not everyone is experiencing progress toward this aim.

According to the survey’s findings, 44% of the 2,000 respondents indicated they preferred to receive money transfers via digital platforms, but 70% said they wanted the option to select whether to receive money in cash or digitally.

Additionally, some people are hesitant to transfer money utilizing digital channels because they lack connectivity, have limited awareness of digital services, have little experience with online banking, or are unbanked.

This increases the need for broader ecosystems, where retail and digital platforms develop and expand together, said Farah.

In addition to India, China, and Mexico, the Philippines is one of the countries that receive the most remittances worldwide, according to Western Union officials citing World Bank (WB) data.

This, according to Farah, is the main motivation behind the company’s plans to expand quickly in order to “improve on our fundamental skills so that we can help growth, strengthen, and evolve a financial ecosystem that surrounds our consumers.”

The power of both physical and digital touchpoints can be harnessed, he continued, “via our omnichannel approach, in order to service all of our clients’ money movement demands.

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