Global Fintech Thunes noted that the Philippines is swiftly emerging as a fast-growing digital payments hub in Southeast Asia, fueled by significant advancements in its financial sector.
Thunes explained in a blog post that government initiatives, particularly from the BSP, have driven “a surge in digital payments, real-time transactions and widespread adoption of digital wallets.”
Thunes added that these changes “have modernized the economy and promoted financial inclusion across the nation.”
Strategic reforms and robust support for “the business process outsourcing (BPO) sector have also strengthened the local economy.”
Thunes claims that it plays a “critical role in the Philippines’ payments landscape. We enable payments to Philippine bank accounts, digital wallets like Coins, GCash, GrabPay and PayMaya as well as cash pickup.”
The Global Thunes Network also facilitates “payment acceptance via a wide variety of local payment methods including UnionPay, Wallet Bank of the Philippine Islands, Coins.ph, GCash, PayMaya, Shopeepay and bank transfers.”
Thunes further noted that they “operate across 130+ countries, supporting over 80 currencies and 330 digital wallets worldwide.”
The convenience of digital wallets also “facilitates remittances from overseas workers. Remittances are a crucial part of the Philippine economy, with inflows from overseas Filipino workers playing a significant role.”
In 2023, total remittances to the Philippines “grew 2.9 percent to approximately $33.5 billion, accounting for around 8.5 percent of the country’s GDP.”
Thunes also shared that “with 11 percent of Filipinos working abroad in countries like the United States, Saudi Arabia, the United Arab Emirates and Canada, remittances provide vital financial support to millions of Filipino families, aiding in household expenses, education and health care.”
Thunes also mentioned that “the remittance market’s current growth is greatly supported by fintech platforms like Pomelo and other digital remittance services that offer fast, secure, and cost-effective solutions for OFWs to transfer money to their families.”
As stated in the update from Thunes, these platforms often “feature competitive exchange rates, low fees and the convenience of mobile app transactions, which bypass traditional banking routes and reduce transfer times.”
Most importantly, they allow overseas Filipinos “to remit funds directly to local digital wallets without leaving their wallet ecosystem.”
Thunes also noted that as digital financial services continue to evolve, they “make remittances more accessible and efficient, further supporting the economic stability and growth of Filipino households reliant on these funds.”
