Blockchain based remittance service expected to drive mobile payment growth in Philippines

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Remittance services are a major contributor to Philippines economy. During 2017, cash sent to Philippines from other countries is expected to reach USD 33 billion. International remittance through mobile market’s transaction volume is projected to reach 2.6 million by 2021.

Global settlement network, OKLink, powered by blockchain technology has entered into a partnership with digital payment solution provider Ayannah, based out of Philippines to provide remittance services in the country through cash, bank accounts and digital wallets. Currently, transfer companies can send funds to Philippines for a fee of 0.5% which is much lower that other players. With this agreement, more than 100 companies belonging to OKLink network will be able to transfer funds to bank accounts within a day, to cash pick up locations within 4 hours and to mobile wallets in real time.

This service segment provides significant scope of business expansion for local players as well as new entrants. Ayannah has largest digital payment network in the country with a wide range of digital payment solutions that cater to the unbanked population. OKLink is expected to benefit from the existing customer base and market presence of Ayannah while later will be profited by the international service platform for better customer engagement and create a mark in the international market as well.

To know more and gain deeper understanding of mobile payment industry in Philippines, click here.