In the Philippines, as online spending soared during the COVID-19 pandemic, digital wallets saw a surge in newly registered users causing Filipinos to shift away from cash transactions and towards digital payment platforms for their financial needs.
Other factors that contributed to the advancement of digital transactions include convenience, along with innovative services provided by global players, such as WorldRemit, which ranks the Philippines as one of the top five countries that receives the highest amount of personal remittances on an annual basis.
Overseas workers are no longer limited to the physical constraints and accessibility of conventional remittance processes through brick-and-mortar retailers. With WorldRemit, senders simply need to download the app to begin the transfer process, while recipients only require a phone number and email address for notification purposes.
Sending money can happen at any hour of the day, and 95 percent of transactions are received within minutes.