The underbanked in Singapore, which includes hundreds of thousands of migrant workers who remit funds as a basic necessity, are often excluded from fintech innovation, unable to access the full benefits of digital services due to a lack of digital means to pay.
Thanks to the Pay2Home and 7-Eleven Singapore partnership, those without a bank account, debit card or the confidence to use either, may now initiate a remittance transaction using the Pay2Home mobile app and pay instantly with a generated QR-code bill using cash at any 7-Eleven store. The transaction is available for immediate delivery overseas.
Through this partnership, Pay2Home gains an additional 400 touchpoints via 7-Eleven stores for its customers base to pay for remittance transactions.
Cash may seem “out of date” in the world of fintech, Pay2Home co-founder David Hulme explains, however among some segments of the community such as migrant workers, a majority still prefer cash. In fact, a recent study found that only 51% of domestic workers in Singapore had a bank account. Among Pay2Home customers, more than 60% still pay for remittances in cash, regardless if they have a bank account, in some cases.
Featured image credit: Unsplash
