mRemit to Allow Direct Fund Transfers to Other Countries.
Beginning during July 27th, user of SingTel’s mobile remittance service (mRemit) can use their phones funds into bank accounts located in Indonesia and the Philippines.
An official document stated that funds can be remitted over more than 80 Indonesian banks, including Bank Danamon, Bank Negara Indonesia ans Bank Mandiri, and ever more than over 50 banks within the Philippines, including BDO, RCBC and Metrobank, Furthermore, Recipients shall gain access to funds transferred within three minutes of a successful transaction.
Initially set off during 2012, mRemit has gathered over more than 25,ooo users to date. This service has previously helped out many subscribers in Singapore transfer money to mobile wallets in the Philippines, in collaboration with SingTel’s associate company Globe Telecom’s mobile commerce service GCASH.
Customers who utilize mRemit shall first have to top up their mCash accounts at AXS stations of locations such as 7-Eleven, Cheers, Fairprice Xpress and SingTel retail stores.
According to the Vice President and Consumer Marketing of Singtel, who cited the Indonesia embassy, there are over 180,000 Indonesians based in Singapore.
he further added that such a service is “particularly useful for workers who have very few days off or work irregular hours”. The convenience factor of not having to queue at traditional remittance outlets is definitely a huge incentive for many foreign works in the island nation.
Launching it as a promotion, fees for mobile remittance transactions to Indonesia, which can start from S$2.40 (US$1.92), will be waived until August 31, 2014.
The remittance industry is quite a large one for many emerging markets such as Indonesia and the Philippines. During 2013, The Jakarta post published an article citing World Bank Figures: the Philippines is the largest recipient of remittances in Southeast Asia, followed by Vietnam and Indonesia. It’s definitely time for mRemit in Singapore, which is home to 21 percent of all ASEAN migrants, to include fund transfer to bank accounts in other countries as well, such as Thailand, Myanmar, Vietnam, amongst others in its offering.