Purposeful Remittance

Purposeful Remittance

Remittance is an essential lifeline for millions of families worldwide. According to the World Bank, remittances to low- and middle-income countries reached a record high of $554 billion in 2019, exceeding foreign direct investment flows and during the covid the anticipated collapse failed to materialise as workers continued to support their families back home. Remittances help reduce poverty, improve access to education and healthcare, and promote economic development.

However, the traditional remittance model of sending lump sums of cash is not always the most effective way to help families meet their needs. Purposeful Remittance is a solution that allows senders to pay for life’s essentials, such as bills and other expenses directly. This model helps ensure that remittances are used for their intended purpose, rather than being spent on non-essential items.

Bill payment is a key part of purposeful remittance. Customers can pay for a wide range of bills; utility bills, mobile phone top ups, healthcare and government bills such as Pag-ibig in the Philippines. This service is particularly valuable for families in low- and middle-income countries who may struggle to access basic services or face high fees for bill payment.

The market for purposeful remittance is significant and growing. The United Nations estimates that there are over 258 million international migrants worldwide, and the World Bank predicts that remittances will continue to increase in the coming years. Key markets include India, China, Mexico, the Philippines, and Egypt.

In addition to benefiting families, purposeful remittance also offers business opportunities for financial institutions and mobile network operators. By offering bill payment services, these organizations can attract and retain customers, differentiate themselves from competitors, increase revenue and drive monthly re-occuring engagement. BILRS enables this through a single API, offering access to 1000s of different bills across many countries enabling you to internationalise and solve the issues of compliance and regulation through a single experienced partner.

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