Singapore-based fintech firm Pay2Home has launched a service that allows users to pay for their digital remittance transactions by cash through its mobile app at local 7-Eleven stores.
Customers can not only transfer cash overseas through the app but also pay using cash with a QR code bill at over 400 7-Eleven stores located in the island.
This payment service is intended to target those without a bank account or a debit card. This service is also targeted at migrant workers who remit money.
Migrant workers in Singapore primarily carry out cash transactions since the economies of their home countries transact in cash.
Pay2Home co-founder David Hulme was quoted by Businesstimes.com.sgas saying: “If you’re catering to a market that prefers cash and is more comfortable with cash, then it’s our responsibility as a fintech to make sure that our digital services are relevant to their needs. It’s about financial inclusion and education, but at their pace, not ours”.
Pay2Home provides a cheaper alternative to a bank telegraphic transfer. It provides its services through retail outlets, online and a bespoke concierge service.
Serving its customers for over a decade, Pay2Home began as a wholesale provider of remittance services to banks and other financial institutions across Asia before expanding to its presentcurrent model.
In Singapore, the firm operates as Wandr Pte and is licensed by the Monetary Authority of Singapore (MAS).