7-Eleven Eyes to Serve Singapore’s Underbanked Through Pay2Home Partnershipby Fintech News Singapore January 20, 2020
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Cash may seem “out of date” in the world of fintech, Pay2Home co-founder David Hulme explains, however among some segments of the community such as migrant workers, a majority still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.
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