{"id":16989,"date":"2020-04-24T11:19:00","date_gmt":"2020-04-24T03:19:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/2988346_AE88346_0"},"modified":"2020-04-24T11:19:00","modified_gmt":"2020-04-24T03:19:00","slug":"digital-payments-platform-instarem-launches-cash-payout-option-in-the-philippines","status":"publish","type":"post","link":"https:\/\/iqiglobal.com\/blog\/digital-payments-platform-instarem-launches-cash-payout-option-in-the-philippines\/","title":{"rendered":"Digital Payments Platform InstaReM Launches Cash Payout Option in the Philippines"},"content":{"rendered":"\n

SINGAPORE<\/span>, April 24, 2020<\/span> \/PRNewswire\/ — InstaReM<\/a>, the consumer and SME arm of global financial technology platform NIUM<\/a>, announced today the launch of cash payout options for recipients in Philippines<\/span>. The service allows InstaReM users to pick up cash at approved outlets.  <\/p>\n

The Philippines<\/span> is one of the world’s biggest remittance markets, with overseas Filipino workers transferring funds in the amount of US$33.5 billion<\/span> back to their home country in 2019[1]<\/sup>. Contributing more than 11 percent of GDP, these remittances back to the local economy are vital as they stimulate the consumption of goods and services.<\/p>\n

Though the country is starting to adopt cashless payments, majority of the transactions are still in cash. With the introduction of cash payout service by InstaReM, consumers have the option of withdrawing the remittance in a manner that is convenient to them, and yet still enjoy cheaper, faster and more efficient digital remittance services.<\/p>\n

Starting from now, users in the Philippines<\/span> are able to pick-up cash[2]<\/sup> at approved outlets, including Bayad Center and select marts. Users will need to present their identification card for verification and fill in a claim form for cash pick-up at approved outlets including branches of Cebuana, MLhuiller, Palawan, LBC & BDO, amongst many others. <\/p>\n

This is an additional option for receiving payments. Users in the Philippines<\/span> can also opt for direct transfer to a bank account, a prepaid card or door-to-door delivery. These services apply for both real-time payments (within five minutes) or same day payments[3]<\/sup>:<\/p>\n