NextGen Day

A financial technology (fintech) company headquartered in the United States is capitalizing on the Philippines’ robust remittance industry by launching a cashless digital transfer service from the United States to the Philippines.

Pomelo founder and CEO Eric Frenkiel said at a virtual news conference on October 13, 2021, that the firm has selected the Philippines as its first market for the Pomelo card, which is a free, real-time, and credit-based digital remittance solution.

“It’s astonishing that there hasn’t been any innovation in money transmission in more than 20 years,” Frenkiel remarked.

He said that in the Philippines, remittances are mostly sent in cash, and recipients must wait two to three days before receiving funds from the remittance center, which also charges a service fee.

According to Frenkiel, Pomelo is targeting the Philippine market since more than 12 million Filipinos live and work abroad and send money home.

Remittances to the Philippines hit USD34 billion in 2020.

However, according to Frenkiel, USD1 billion of these payments were diverted to remittance centers as fees for their services.

He said that the Pomelo card intends to allow recipients in the Philippines to utilize 100 percent of the value of remittances provided by family and relatives who are presently in the United States.

For the Pomelo card, the fintech company has collaborated with Mastercard.

Users may use their Pomelo card with remittance credits at places that accept Mastercard credit cards.

Frenkiel said that during the coronavirus disease 2019 (Covid-19) pandemic, this invention will assist people to avoid going out and waiting in remittance centers while also boosting e-commerce and online payment.

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