22nd June 2022 - 2 min read
BigPay has rolled out Cash Pickup, its new remittance service that allows recipients of money transfers to collect the remitted amount in cash from a physical pick-up location. This means that BigPay users can now transfer money to individuals who do not have a bank account.
The new feature is currently available to all BigPay users in Malaysia and Singapore who are transferring money to recipients in Indonesia and the Philippines. In total, there are more than 14,000 cash pick-up locations across both Indonesia and the Philippines.
Specifically, recipients in Indonesia can collect their money from BigPay’s cash pickup partner, POS Indonesia/Wesel Pos. Meanwhile, those in the Philippines can collect theirs from BDO, M Lhuillier, Cebuana Lhuillier, LBC Express, SM Counters, Palawan Pawnshop, BPI, Metrobank, or RD Cash Padala.
If you wish to send money to recipients in Indonesia or the Philippines through the Cash Pickup feature, go ahead and launch your BigPay app, then tap on “Payments”. From there, select “International Transfer”, and key in the amount that you would like to transfer. Next, select the “Cash Pickup” option for either Indonesia or the Philippines. You will then need to input the recipient particulars and complete the transaction.
Once done, you must share the Cash Pickup transaction details (including the payout code and payout PIN) with the intended recipient; this is extremely important as they will need these details – along with a valid ID document – to collect their money at their preferred location. Recipients in Indonesia can receive the cash within just five minutes, while it will take up to 15 minutes for those in the Philippines.
In launching the new Cash Pickup feature, BigPay said that remittances are mostly conducted through banks, which can be a challenge for those without a bank account. As such, it seeks to bridge the technology gap and help people access their money without the need for a bank account.
“At BigPay, we believe in a financially borderless world where everyone has equitable access to the products they need. As we expand our remittance pillar within BigPay, Cash Pickup services are a natural fit to further our mission,” said Salim Dhanani, the chief executive officer and co-founder of BigPay.
(Sources: BigPay, FintechNews Malaysia)
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