Filipino-owned PayRemit, a fintech firm that evolves to include e-commerce in its platform that primarily caters to the needs of overseas Filipino workers (OFWs), expects a strong rebound this year as it strengthened its e-commerce platform with more features.

Vincent Grey, PayRemit President & CEO, said at the virtual launch that from a slowdown in 2020 when the government imposed moratorium on collection on government payments such SSS contributions by OFWs due to the pandemic, the company will start growing the business again this year. 

“2020 was just really keeping the ship afloat. Now we’re in that stage where we can grow fast,” said Grey noting that the biggest market is UAE although it has wide presence globally catering to large OFW communities. 

He said they are doing five time more this month, and is expected to grow five times more than what they did in December last year. “We’re processing about 500 orders a month. December it was just  100,” said Grey referring to OFW orders for their loved ones via their ecommerce platform.

Grey further said that they will have served 3,000 OFWs by end this year. That should put them at the level of over 20,000 served by next year, ramping up further in 2023. “That’s when we expect more rapid growth in 2023,” he added.

PayRemit basically earns from a certain percentage of items purchased through them in partnership with some suppliers.

As the only online shopping app catering to the needs of OFWs, PayRemit took into consideration that OFWs do not have credit cards so they cannot shop and pay online.  Even unbanked Filipinos are able to pay cash on delivery, or at payment centers, OFWs did not have similar options. 

So in 2017, PayRemit’s payment gateway made it possible for migrant workers to shop online and pay with remittance.  

Among PayRemit’s most prominent partner merchants are Goldilocks and Cebu Pacific.  A year later, in 2018, PayRemit expanded its services and piloted a shopping site on Facebook for appliances and gadgets that OFWs could send to their families back home. 

Today, the PayRemit App is a well-stocked, curated marketplace that can deliver items to OFWs across Luzon and select Vis/Min areas.

“We had to respond to OFWs’ needs.  They wanted an online platform for appliances and gadgets.  So we built one,” said Grey noting that PayRemit evolved from a fintech company to an e-commerce platform or both as they have also integrated the e-payment system.

PayRemit continued to listen to the market and made it possible for OFWs to pay in installment starting 2019.  Filipinos in the Middle East, Europe, and Asia can enjoy the same benefits as credit cards when shopping on the PayRemit App.  

Aside from customer service, PayRemit said they walk the extra mile for their customers by making it easy for OFWs to buy using concierge services.  Customers can message PayRemit on FB and someone will help them throughout the entire process.  

In addition, PayRemit has sales agents–fellow OFWs and satisfied PayRemit customers–who can help OFWs shop.   They even talk to the suppliers in behalf of the OFWs to resolve issues.

Aside from the personal touch, what really sets PayRemit apart is the capability to collect cash payments from OFWs.  No other e-commerce site can do this.  

In terms of fulfillment, PayRemit taps local suppliers such as Abenson, Royal Star Appliances and K Servico who are able to deliver items at lower cost. 

“When we finally got the business model right, it became clear that we were making a huge difference in the lives of our customers, sales agents, and their families. The photos they share with us are testament to this.” added Vincent. 

True to its purpose—to empower the lives of Filipino migrant workers and their families–PayRemit said it will launch more products and services before the year is over.


Source: Manila Bulletin (https://mb.com.ph/2021/06/23/payremit-sees-start-of-rebound/?utm_source=rss&utm_medium=rss&utm_campaign=payremit-sees-start-of-rebound)