MOBILE app payment operator Tang App Philippines Inc. (Tapi) has announced plans to implement an app feature that would allow account holders in the Philippines to send cash to others in the United States.
At a press conference, Tapi founder and CEO Rebecca Kersch said the service would allow parents to send their children to school or their friends to ask them for “pasabuy” applications before returning to the Philippines.
Kersch said paying in the U. S. “is now as simple as texting; You don’t need to go to a bank or a cash transfer center. “
He added that both the sender and receiver will need to have installed the “Tanggapp” mobile app on their phones connected to their local banks, namely Bank of the Philippine Islands, Union Bank of the Philippines, Rizal Commercial Banking Corp. and China Banking. Corp.
It is noteworthy that while Tapi claims to be “an authorized remittance agent through Bangko Sentral ng Pilipinas (BSP) on its online page (https://www. tangapp. com/ph-terms-of-service#::text=We percent20invoice percent20a percent20Transfer, when percent20you percent20 authorize percent20th percent20Transfer), it is not indexed in the central bank’s list for BSP-registered cash companies (MSBs) or payment formula operators (OPS).
According to the company, it raised about $2. 5 million last year in seed funding, thanks to the client’s technology venture capital budget. The company claims that the total budget raised to date amounts to $4 million.
Kerech attributes exponential biological expansion to his cellular cash movement product, even though it has only been on the market for two years. He noted that users “clearly love our product. “
On average, the company has a repeat usage rate of 48%, more than triple the fintech industry benchmark. In the Philippines, consumers can connect maximum local banks and e-wallets for seamless transactions, covering more than 90% of the country’s local transactions. adult population, according to Tapi.
As a result, we have already seen hundreds of millions of Philippine pesos go through tje app, Kersch said. The traction has mostly been organic, showing the market’s hunger for a fast, easy, safe and convenient way to send money abroad, she added.
Kersch recalled that he saw a challenge in the market and tried to solve it. He said he is “well on his way to simplifying remittances by offering a simple and affordable way to send cash from the U. S. to the U. S. “to the U. S. to the Philippines, and now from the Philippines. ” To the U. S. “
“We believe that digital mobile payment services can improve, starting with this offering to fellow Filipinos,” she said.
Kersch said she and her 15-person remote team differentiate themselves because they don’t charge moving fees and have a $5 minimum.
However, the Terms and Conditions on its website cites a fee of “3 percent of the amount of the transfer sent from the US [and] 6.3 percent of the amount of the transfer sent from the Philippines. The fee is subject to change.”
Kersch said the company’s vision is to “democratize access to bills and the lives of immigrants and the unbanked around the world through cutting-edge monetary inclusion. “
“The team is constantly analyzing the issues of fellow Filipinos and their families back home, and will continue to create new features to address those needs,” he added.
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