Smart eMoney Inc. said Tuesday it expects to handle P130 billion worth of domestic remittances in 2016, up 30 percent this year.
“The total [domestic remittances] volume that we expect to generate for Smart Padala is close to P100 billion this year. We expect it to improve by about 30 percent next year,” SMI vice president Lawrence Ferrer said.
Ferrer attributed the growth in domestic remittance next year to the company’s new service called “Pick-Up Anywhere.”
Under the new service of Smart Padala, the consumer can send or claim their remittance from any Smart Padala center in the Philippines. Recipients previously picked up their remittances from pre-selected Smart Padala centers. They can now send remittances via Smart Padala to any mobile phone number and mobile telecom provider.
“When you’re sending money to someone who needs it, you want to ensure that they can receive it immediately and conveniently. By enhancing our Smart Padala service with PickUp Anywhere, we are enabling millions of more Filipinos to experience the benefits of financial technology when they need it the most, wherever they may be,” Ferrer said.
SMI has about 30,000 Smart Padala outlets nationwide compared with Cebuana Pawnshop’s 1,500 outlets.
“Our outlets are almost 30 times bigger than Cebuana and we are adding more. we are located in areas where the customers are,” Ferrer said.
Data from the first National Baseline Survey on Financial Inclusion released by the Bangko Sentral ng Pilipinas this year showed it took Filipinos an average of 22 minutes to reach the nearest financial services provider. In terms of cost, the average roundtrip fare to reach a financial access point is P43.
“While most people will look at Smart Padala PickUp Anywhere as an added convenience, we look it as a tangible way to help improve the standard of living for millions of Filipinos. They no longer have to brave a commute, or even a long walk, to get the money that they need, when they need it. That’s the power of financial technology,” said Ferrer.
The central bank survey showed 44 percent of Filipino adults had remittance transactions in the past six months and 91 percent were sent to their families while 6 percent were delivered to their friends.