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.
Gina Capistrano, Head of Investor Relations commented, âDebitac is pioneering with a very competitive remittance service that offers the customer really trustworthy and cost effective transfers between North America and the Philippines. 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.â
âTouchstone Mobile also includes the capability to check the payment data at the point of entry rather than later on. This will really benefit customers by preventing errors, and saving both time and money,â Capistrano added.
David Sinclair, CEO of Petra Financial commented, âWe are delighted to be delivering with Debitac a compelling remittance service that offers a mobile initiation. It is clear that customers want ease of use, and the ability to create a payment, transfer or remittance wherever they are, whenever they want. Touchstone Mobile application on a smart-phone provides that complete control, yet with a really easy to use application that users turn on toâ.
âPetra Financialâs development is based in Manila, so the opportunity to deliver a great new mobile service to the Philippine market is especially rewardingâ.
John Burton, Marketing Director of Petra Financial commented, âDebitac has created a very competitive remittance service that combines cost effectiveness, trustworthiness, and a broad reach across the Philippines. We are really delighted to work with Debitac to deliver the Touchstone Mobile application that will enable mobile initiation. No waiting in line at a bank or money transfer agent anymore; the entire process just takes a minute, anytime, anywhereâ.