Azimo has launched a digital transfer service to the Philippines, the fourth largest recipient of cross border remittance.
This new service will allow customers to transfer money across borders within the United Kingdom, Italy, Ireland and Germany. Funds can be picked up at more than 5,000 Banco de Oro, Cebuana Lhuillier, MLhuillier and Palawan pawnshop locations.
Approximately 14 million Filipinos live abroad, as Overseas Filipino Worker remittances account for nearly 13.5% of the country's gross domestic product, according to The World Bank.
In 2013, Filipinos sent home over $25 billion, Azimo said in a Jan. 13 press release. Over the past three years, transfers for cash collection have increased from 65% to 76% as migrants would rather receive cash than payments to bank accounts, the London-based payments company said.
"It is important to offer the Filipino community what they want: a convenient and good value cash-based service," said Michael Kent, chief executive of Azimo, in the release. "With our new instant cash service our customers know that their padala will be waiting for their loved ones as soon as they click the send button."