Nov 4, 2010
hyperWALLET targets Philippines corridor with m-transfer service
by Robin Arnfield, News Editor
Vancouver, BC-based hyperWALLET Systems has launched hyperREMIT, a service which provides low-cost mobile remittances from Canada to recipients in the Philippines.
David Evans, hyperWALLET`s marketing and communications manager, tells Payments Business that the new service operates over the firm`s existing technology platform and using international banking networks. hyperREMIT enables Canadian senders to transfer funds to the Philippines via mobile phone SMS, using a variety of remittance options including Bank Deposit, Cash Pickup and Door-to-Door Delivery, and via Smart Money transfer or Prepaid Airtime Top-Up by year's end.
``Canadian Filipinos send a substantial amount of money to friends and family in the Philippines every year via international remittances,`` Evans says. ``Unfortunately, the traditional cost of sending funds is often very high, and senders face the inconvenience of having to visit remittance branches in-person. By enabling fast, low-cost remittances via SMS, we believe hyperREMIT will provide the Canadian Filpino market with a superior experience at both price-point and convenience levels.``
hyperREMIT is a licensed money services business registered with FINTRAC, the Canadian government's financial services business regulator. Transfers can be initiated from Canada over the phone or through SMS text messaging, and funds are typically available to Philippine recipients within one business day, hyperWALLET says. To register for the service, senders need to sign up at the hyperREMIT website.
``hyperREMIT enables Canadians Filipinos to send funds home from just C$6.00 per transfer, which is one of the lowest fees in the market and makes hyperREMIT one of the most cost-effective international remittance services in Canada,`` Evans says. ``In addition to sending funds via SMS or by calling in to live telephone agents, in 2011 we will be enabling online (i.e. web-based ) money transfers, enabling senders to remit funds from home or while on the go.``
Recipients can go to any branch of China Bank in the Philippines or to a local Lhuillier or Cebuana Lhuillier agent office to pick up their cash. They can also have the money deposited electronically to their bank account, or have it delivered as cash direct to their home.
In the future, hyperWALLET may decide to offer mobile international remittance services that target other major corridors, for example Canada-to-Mexico, or Canada-to-Vietnam, notes Evans.
Before year-end 2010, hyperWALLET will be launching a Smart Money transfer option for hyperREMIT users, enabling them to send remittances to cellphones belonging to subscribers of Philippine wireless telco Smart Communications. The recipients will have the option of using a Smart Money prepaid MasterCard to spend the money remitted to their cellphone account. In addition, senders will be able to electronically top up recipients' cellphone airtime in the Philippines.
“Filipino Canadians rely on text messaging to stay in touch with loved ones,`` states Lisa Shields, hyperWALLET`s President and CEO. ``Now they can use the same mechanism to remit funds back home. Through hyperREMIT, we are introducing a new paperless and agentless model for the remittance industry - a model that strengthens community relationships, rewards loyalty, and dramatically lowers the cost for senders.”