Thunes and Pomelo’s New Innovative Partnership for The US-Philippines Corridor
In a bid to reshape the landscape of international money transfer, Thunes and Pomelo have teamed up, unveiling a groundbreaking credit-based digital wallet solution. This strategic partnership is set to redefine how remittances are handled, particularly from the United States to the Philippines, leveraging innovative approaches to drive efficiency and affordability in cross-border finance.
🇵🇭 🤝 🇺🇲 Introducing innovation that better connects communities in the US and Philippines.
Thunes has partnered with @pomelocard to drive transformation in remittances along the Philippines-US corridor.
Pomelo, known for its disruptive prowess in the remittance sector, introduces a novel concept by underwriting its customers to furnish a credit line for their transfer needs. Eric Velasquez Frenkiel, Founder and CEO of Pomelo, encapsulates this shift succinctly, stating, “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.”
What distinguishes Pomelo’s approach is its departure from traditional methods. Instead of relying on money transfer operators or banks, Pomelo pioneers a model that empowers users to facilitate remittances through a credited line, concurrently bolstering their financial standing in the United States. This dual-purpose strategy expedites the transfer process and fosters financial inclusion by extending credit opportunities to underserved demographics.
Envisioning a Seamless Future
Floris de Kort, CEO of Thunes, articulates the transformative potential of this collaboration, envisioning a future where cross-border payments are faster, transparent, and more accessible. “Pomelo has the potential to transform remittance payments worldwide,” remarks Mr de Kort. “This partnership aligns perfectly with Thunes’ ambition to make cross-border payments more affordable by connecting to over 3 billion digital wallets and 4 billion bank accounts.”
Thunes’ prowess in emerging markets is central to this innovation. It boasts connectivity with over 550 payment methods globally. This expansive network facilitates seamless integration, enabling Pomelo to extend its services beyond the US/Philippines corridor to other lucrative markets like Mexico and India.
Embracing Consumer Preferences
The integration of Thunes’ digital wallet infrastructure further enhances Pomelo’s offering, providing a conduit for instant transfers into recipients’ preferred digital wallets, such as GCash. According to GlobalData’s research, 88% of Filipinos embrace digital wallets, which underscores the solution’s relevance and adoption potential.
Moreover, Pomelo’s model defies the industry norm by eschewing transfer fees, a stark departure from the exorbitant charges levied by traditional money transfer companies. This commitment to cost-effectiveness benefits customers and fosters financial resilience and empowerment among migrant communities.
Conclusion: Paving the Way for Financial Inclusion
As Pomelo secures substantial investment and embarks on ambitious expansion plans, the convergence of innovation and inclusivity propels the company towards its mission of revolutionizing international money transfer. With Thunes as a strategic ally, Pomelo is poised to redefine the contours of cross-border finance, ushering in a new era of accessibility and efficiency in remittance services.
