What do we do?
PearlPay aims to solve the Filipino’s everyday problems when transacting money.
Inconvenient Transaction Process
Filipinos spend an average of 21 minutes and 43 Php to go and process transactions to the nearest financial access points.
High Transaction Cost
Banks charge an average of 11% to send money to the Philippines, which is over 3% higher than the global average cost of 7.3%
Limited Foreign Payment Access
Only a handful of rural banks are members of foreign payment networks such as MasterCard and Visa or local interbank network like Bancnet.
Philippines has an estimated 2.5 billions of payments monthly amounting to $74 billion (Php 3.76 trillion) but only 1% are transacted electronically, remaining 99% transacted in cash or check.
Creating a Unified
More than 75% of the Filipinos still don’t have the right financial access due to accessibility. Not all banks, especially rural banks, have e-payment systems and not all Filipinos have smart phones or proper internet connection. Additionally, most available technologies and payment solutions either need an updated phone or good wifi connection.
PearlPay’s range of products offers a unified payment network that doesn’t rely on the internet or the latest gadget to bring together financial institutions, small and medium enterprises, and Filipinos to a common platform.
In the News
PearlPay Signs Pilot Program With BHF Rural Bank
PearlPay has signed a pilot program agreement with BHF Rural Bank, Inc. (BHF), based in Dagupan City and operating seven branches.
This marks the first time a Philippine rural bank will utilize cloud-based technologies such as core banking solutions (CBS), agent banking solutions (ABS) and white-label eWallet solutions, all of which are designed to reach customers with limited or no access to the internet.
Want to Learn More?
Check out PearlPay’s Quick facts.