Petra Financial and Debitac announce that the new Debitac low cost, reliable remittance service for Filipinos sending money from North America back to the Philippines will be able to initiate payments from smart-phones. This will make it very simple, easy, and cost effective to remit money to family and counterparties.
According to statistics, the Philippines receive around $16 billion of remittances each year, and this has been growing year-on-year. At present, only about 1% of remittances are made by mobile transfers, but due to increased competition and customer demand there is a need for mobile initiation as well as very cost effective foreign exchange rates and price differentiation for immediate, same day, or non-urgent transfers.
Petra Financial will deliver Touchstone Mobile remittance initiation application for Debitac that will run on iPhone, iTouch and BlackBerry smart-phones. The remitter will be able to load funds from pre-designated accounts that they have set up with Debitac and send either to a beneficiary account; or make the funds available for cash collection based upon agreements that Debitac has in place with Philippine banks.
Debitac is pioneering with a very competitive remittance service that offers the customer really trustworthy and cost effective transfers between North America and the Philippines, says Gina Capistrano, head of Investor Relations. Customer demand for a really simple yet effective mobile application is growing and we want to deliver to the market the most competitive, simple and easy to use remittance service with a full mobile initiation.
D.C.