23 Dec 2022
Did you know that 3.4 Billion people worldwide use digital mobile wallets? Predictions indicate that this number will rise to 5.2 billion by 2026, representing strong growth of over 53%. A large chunk of this number are expats who use this service to send money abroad to their families. The Philippines receives remittances at fourth place overall globally. Almost 2.24 million Overseas Filipino Workers send money to Philippines alongside 12 million Filipino diasporas and expatriates. While most have already gone cashless and prefer using digital wallets, others are advised to go cashless. This article explores the benefits of going cashless and using ACE Money Transfer for digital remittance transfers.
The main benefit of using plastic for payment is that it is three times quicker than using cash. The processing time for cash transactions is between six and seven seconds as opposed to merely one or two seconds for contactless transactions.
Customers will be happier if transactions are completed quickly because nobody enjoys waiting. However, they'll also help you make more sales daily, increasing your income.
Consumer ease is crucial because it just cannot be emphasised enough as one of the key determining factors in purchase decisions.
Consumers may now spend money with greater ease than ever, thanks to contactless and mobile payments. By choosing to go cashless, customers can avoid having to find an ATM, wait in line at their bank's branch, or worry about having enough change to pay for little purchases, all of which may be enough to discourage them.
They lessen the possibility of robbery and stop an employee from stealing. Though we hope you've never had to deal with it, research indicates that employee theft costs UK firms £190 million annually.
Fraud is less likely to occur. Card payment security is continually being upgraded and reinforced. There is always a chance that monetary payments will be made using fake money. For instance, 228,000 counterfeit notes worth the equivalent of £5 million were removed from circulation in the first half of 2019 in the UK.
Imagine having a straightforward log of each transaction instead of combing the books, receipts, and papers to figure out numbers.
Going cashless makes accounting simple and more accurate since it eliminates the possibility of human error when administering change.
International remittances are quite important for the economies of several countries worldwide. ACE, a more than the 20-year industry leader, seeks to offer better value for foreign remittances. With this goal in mind, the digital mobile wallet service will enable millions of Filipinos living overseas to easily send money to Philippines online for their families.
The remittance sector has undergone numerous notable developments as compared to the previous ten years. These advancements are partially attributable to the use of digital technology, which has sped up the industry's expansion and led to amazing achievements.
Time again and time, ACE has proved to be the industry leader when it comes to innovation and creation. ACE goes above and beyond expectations to contribute to the digital technological revolution. Users and their positive testimonials can confirm it after using the top-notch digital mobile wallet service.
Often, the OFWs find it hard to decide the perfect method to send remittances back home. While thorough research is always advised before concluding, you should never forget to create a pros and cons list for every method.
A bank transfer is one of the most popular methods amongst expats to send money back home. Filipino ex-pats opt for bank transfers because it seems like the only legit and safe way. However, it is important to understand that opting for bank transfers to send remittances is equivalent to getting robbed. This is because banks are notorious for keeping extremely high transfer fees. The UN SDG 10 talks about eliminating remittance corridors with costs greater than 5% and lowering the transaction costs of migrant remittances to less than 3%. Regardless, some banks will charge as much as up to 10% of your total amount.
Banks also profit heavily from currency exchange. They will purposely keep the exchange rates low and static, which can result in a huge strain on your pocket if you send a large amount to the Philippines.
On the other hand, ACE Money Transfer offers the most affordable transfer rates for OFWs to promote remittance inflows in the country. It also offers market-competitive exchange rates with no intention of making profits through currency exchange. Undoubtedly, ACE offers the most affordable money transfer to the Philippines.
The ACE digital mobile wallet provides the utmost comfort because you do not have to go to any physical branch to make payments. Everything happens digitally on your phone without you having to move an inch from your place. This means that you can multitask and save time and energy.
You can sign up for ACE Money Transfer completely free to benefit from a free online money transfer to Philippines with utmost ease and affordability.