London-based WorldRemit has formally introduced the establishment of a direct partnership with LBC, the Philippines’ leading logistics, and remittance services provider. As a leading international cross-border payments company, WorldRemit users and recipients will enjoy a seamless remittance experience at more than 1,500 LBC branches all over the Philippines.
“We’re delighted to partner with such a reputable brand and payout network as LBC to add more payout locations to our already extensive network. Ensuring our customers are able to transfer money to family and friends back home conveniently, safely and as quickly as possible is why we exist,” according to WorldRemit Country Director Earl Melivo.
WorldRemit is a global payments company backed by Accel, TCV, and Leapfrog with headquarters in London, United Kingdom, and regional offices in the United States, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe, and Belgium.
Sending money via WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. While for the receiving part, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up, and mobile money.
Melivo added that this partnership is part of the company’s strategy to increase WorldRemit’s physical presence in the Philippines in an effort to meet the growing demand for cross-border remittance and digital financial services in the country.
In the Philippines, WorldRemit offers 29,000 cash pick-up locations, transfer to all leading bank accounts, payments to the three leading mobile wallets, and airtime top-ups on all major mobile networks.
“LBC always looks to provide the best service to our clients and the Philippines. When it comes to sending and receiving money via remittance we always look to partner with the best. That is why we are happy to announce our partnership with WorldRemit, one of the top remittance solutions partners in the world,” commented Juan Manuel Liwag, Brand Head for LBC Express Philippines.
The Bangko Sentral ng Pilipinas (BSP) recorded a 4.9% year-on-year jump in cash remittances last March 2021 to US$2.51B.
A development brief by the World Bank entitled “Resilience: COVID-19 Crisis Through a Migration Lens” noted that the Philippines ranked fourth among remittance destinations in 2020, reporting US$34.9B from Filipinos overseas. This sustained strength in spite of the pandemic is attributed to low remittance rates and an increase in remittances through digital channels. The World Bank also noted that there has been a sustained rise in remittances in the country due to positive outlooks in the rebound of major host countries.
“With an extensive network of physical locations in the Philippines, our partnership with LBC will expand access to cross-border remittance services for Filipino WorldRemit customers, further ensuring a seamless digital money transfer experience,” said Melivo.