The Philippines’ vibrant economy is the world’s 10th fastest growing economy this 2017, and it is expected to increase between 6.5 to 7.5 percent.
Overseas Filipino Workers (OFWs) are among the pillars of the economic growth of the country. Since there are an estimated 2.2 million OFWs worldwide, OFW remittances exceeded previous records last year. With a total of $2.56 billion cash sent by Filipinos through banks, it is indeed a factor in the improving economy of the Philippines.
Since the Philippine economy is somehow affected by the remittances sent by OFWs, there is an ongoing notion to push for a cashless society. This entails the usage of payment platforms that can support money transfers and bills payment in real time and 24/7. This is where Paycent comes in.
Paycent is a financial platform by Texcent that aims to be the global leader for complete mobile and cashless transactions. It offers both users and merchants a secure and convenient digital payment platform so people can send and receive funds, shop, and pay bills without using actual cash or credit cards with competitive transaction fees. Also, there is no minimum amount required.
Aside from the features of the user app, the merchant app enables businesses to generate bill invoices.
Behind Paycent are two ambitious women entrepreneurs, Sumedha Goel and Svetlana Umarova. These women observed and realized that overseas workers send funds to their loved ones back home in a traditional way. From this, their desire to bring down costs of money transfers and financially connect these people real time and across borders rose.
Paycent is set to launch this August 2017 in Singapore and the Philippines. This will be followed by Indonesia, Hong Kong, Malaysia, Myanmar, Thailand, Vietnam, Pakistan, Nepal, Bangladesh, India, and UAE within the year.
The journey towards a cashless society has already begun in other countries such as Singapore, Netherlands, Sweden, and many more. And now, the Philippines is set to be included in that journey as well.
With the rise of payment platforms such as mobile wallets, people are now experiencing convenience like never before.
Benefits of Going Cashless
1) Convenience and Practicality
By opting to use Paycent, people will get to save an ample amount of time. People don’t have to write checks or stand endlessly in long lines; they can go the easy way by creating a Paycent account and manage their transactions wherever they may be. Managing bills or sending funds from person to person domestically or across borders through Paycent is secure, fast, and cost-effective. There is no need to go to money transfer or payment centers. Even during meetings or while commuting, when a reminder pops up they can easily pay bills with just a few taps, saving time and energy in the process.
2) Reduced Risk for Loss
Paycent will help in reducing fraud and lowering traditional transaction fees. All Paycent transactions go through a secure system, using the highest standards applicable in Financial Technology being used today. Payments can now be automated.
All Paycent transactions have an electronic trail thereby reducing money laundering. Furthermore, it makes the economy transparent and helps the government keep proper electronic record.
Paycent and the Philippines
Paycent is not only an easy-to- access solution for both users and merchants; it also serves as a medium for safe and secure transactions. It can also pave the way for a national payment network in the country, making transactions more convenient, safe and secure.
Paycent aims to serve the unbanked. It aims to be a catalyst of growth for the banking and payments industry by bringing latest innovations in the Fintech field to the masses. The founders of Paycent want to reach out to the segment which was not served prior and offer them banking services by partnering with major banks.
Paycent opens a venue for financial inclusion. According to a survey done by the Bangko Sentral ng Pilipinas (BSP), 86% of Filipino households are yet to have a bank account. This technology creates a platform in bringing these households to the financial services they need.
Paycent will be available on the App Store and Google Play Store this August.