Despite the massive modernization we see in major cities in Metro Manila, there remains a large part of the Philippine population which remains underserved when it comes to banking and finance services. In fact, according to a study by the BSP (the Central Bank of the Philippines), ” nearly 40% of municipalities in the country do not have any banking presence.”
Enter TrueMoney, one of the newest FinTech (financial technology) companies to enter the market.Unlike its contemporaries which focus on an app-based service or digital-first business model, TrueMoney distinguishes itself for its focus on face-to-face transactions.
“Our mission is to provide affordable and innovative financial services to those who are underbanked and underserved today,” says TrueMoney Philippines CEO Xavier Marzan. “That means going beyond a purely digital UI (user interface) and being present in the physical world where these segments are transacting today.”
The strategy seems to be working. The company has only been in operations in the Philippines for less than a year and yet has achieved a level of size and scale that some of these FinTech
start-ups are still aspiring for. In a matter of months, the company has grown from nothing into an organization with hundreds of employees across the country and with a distribution network
comprised of 5,000 TrueMoney Centers which they manage with a high standard. These Centers are currently capable of performing remittance transactions, bills payment, gaming credits, and even payments for e-commerce purchases.
“We need to bring underserved customers who don’t even use banking services today along a customer journey. This requires us to be pervasive across the country and be able to serve customers even in farther-flung areas,” Marzan adds.
Currently, TrueMoney Centers in the Philippines already provide convenient payments and financial services to provinces and far flung areas including Albay, Bataan, Benguet, Bohol,Bukidnon, Cagayan de Oro, Camarines Sur, Cavite, Cebu, Davao, Ilocos, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan,Quezon, Rizal, Tarlac, and Zambales and more.
Given its large network, TrueMoney has also started to offer domestic money remittance services.
While the average rates for domestic remittances today range from 3 percent to more than 10 percent for some providers, TrueMoney rates go as low as only 2 percent of the transaction amount—without any additional charges to the recipient. So say for remittances of P1,000, the total cost of sending is only P20. The recipient also gets the entire amount without any additional charges.
To know more about TrueMoney and how to become a TrueMoney partner agent, visit www.truemoney.com.ph or call (02) 7189999. You may even text them at 09778063775 (Globe) or 0998565999 (Smart).
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