aying Filipino international workers just got easier with Global Payout, Inc.’s announced expansion into the Philippines with its proprietary MoneyTracTM Consolidated Payment Gateway (CPG) platform. The move will make it easier for employers to compensate their employees no matter where they are on the globe and for workers to move their money easily and in real-time.
The Philippines send scores of workers offshore each year. According to the government figures, there are 10-14 million overseas foreign workers (OFW) of Filipino descent working worldwide, making the nation one of the strongest manpower generators for employers around the globe. These workers generally work out of their home country for a period of time but who do not seek to change citizenship and generally plan to return at the end of their contract.
While this large and enthusiastic labor stream offers many benefits to global employers, it also presents challenges, particular when paying them. Employers with global workforces need to be able to make payments to employees, members, offshore workers or benefit recipients wherever they may be located in the world with direct funds transfer while employees then need to be able to easily use and move that money.
This is where Global Payout, Inc.’s enters the scene, with the extension of their proprietary MoneyTracTM Consolidated Payment Gateway (CPG) platform to the Philippines. The multi-national Program Manager of B2B custom and conventional electronic payment solutions believes that through this expansion they can both improve their corporate position and the lives of workers who have been traditionally under-banked or unbanked due to complications in receiving payments and accessing funds internationally.
“"The Philippines have a population of approximately 98 million people and there are over 10 million more Filipinos living around the world in 170 countries whom labeled as Overseas Filipino Workers. With nearly 3.4 million OFWs in America, 2 million in the Middle East, and over 1.6 million in Pacific Rim countries, the opportunity to provide financial services to 'unbanked' and 'under-banked' Filipinos is very significant,” commented Global Payout's President and VP of Sales Bill Rochfort.
“By providing mass payment services, payroll capabilities, ACH, prepaid instant issue debit cards, and easy to use money transfer and remittance capabilities, we are able to provide valuable access to financial services to a considerable percentage of the 2.5 billion unbanked and under-banked adults in the world. We consider the Philippines as pivotal to our growth.”
This expansion into the Philippines means that any Filipino OFW with a CPG account will be have direct funds transfer capability to any Filipino bank. The service goes further however, also allowing employees to transfer payments from a CPG account to an existing VISA/MasterCard credit or bank debit card or prepaid card. Further, all payment capacity and fund transfer capacity remains the same no matter when in the world a particular member of the workforce is.
Global Payout has already extended its services to China, Malaysia, Canada, Germany, England and SEPA (Single Euro Payments Area). They are also currently trying to establish a presense in South America in general and Brazil specifically.
"The Philippines is a major focus for the global expansion of our payment capabilities and the geographic reach of our MoneyTracTM Consolidated Payment Gateway. As we continue to focus our efforts on gaining global scale by expanding and connecting niche market opportunities all around the world, we cannot ignore the tremendous social value to individuals with financial services needs,” said CEO Jim Hancock.