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Pomelo & Thunes streamlines money transfer between the US & Philippines

By Gloria Mathias

May 09, 2024

  • account numbers
  • Central Bank of Nigeria
  • Cross Border Payments
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Smartcash PSB, Thunes, mobile wallets, naira, Central Bank of Nigeria, account numbers, remittances naira, digital wallets, FinTech news, FinTech Africa, Pomelo, Cross border Payments, Mexico, India, Philippines, Thunes, a global money movement innovator, has joined forces with Pomelo, a pioneering credit-powered remittance company and credit card issuer, to introduce an international money transfer solution from the United States to the Philippines.

This strategic partnership transforms the way remittances are handled via Thunes’ digital wallet integration, reducing costs and connecting families in new ways.

Pomelo disrupts traditional remittance methods; instead of transferring money through money transfer operators or banks, Pomelo underwrites each of its customers to provide a credit line to fund their remittance transfers while simultaneously building their credit history in the United States.

According to GlobalData’s 2023 research, 88% of Filipinos have used digital wallets in the last year, with 89% using the GCash brand.

In addition to sending directly to digital wallets like Gcash, the Pomelo cardholder can support up to three family members or friends anywhere in the world. This business model provides both payees and recipients access to highly competitive exchange rates and reduces money transfer costs.

This solution serves the US/Philippines remittance corridor. Future plans include expanding this service to other popular US/international markets, such as Mexico and India.

Floris de Kort, CEO of Thunes, shared, “Pomelo has the potential to transform remittance payments worldwide. This partnership aligns perfectly with Thunes’ ambition to make cross-border payments faster, more transparent, and more affordable by connecting to over 3 billion digital wallets and 4 billion bank accounts. By providing payouts to the GCash digital wallet, we’re getting funds to family members instantly, how, and when they need it most.”

“Sending remittances used to be costly, slow and unreliable. At Pomelo, we’re changing how international money transfer works by helping customers build a credit history in the US while supporting their loved ones across borders. Thunes’ emerging markets expertise will be integral to helping us launch our digital wallet integration quickly to move money into the local payment methods of choice, initially in the Philippines/US corridor and beyond, as we expand our reach of services,” said Eric Velasquez Frenkiel, Founder and CEO of Pomelo.

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