U.S.-based fintech startup Pomelo has announced its plans to introduce a free, instant, and cashless way of digital remittance from the U.S. to the Philippines.
Pomelo plans to launch its flagship product, the Pomelo Card, which will soon be available to people in the U.S. who have relatives in the Philippines. Designed to be easier, faster, and more efficient than traditional ways of international money transfer, the Pomelo Card brings the entire process into a mobile app with no transaction fees.
U.S. citizens and permanent residents who are at least 18 years old can start the process by applying to reserve the card and set up a family plan with their Philippine-based loved ones at https://www.pomelo.com/.
Philippine-based members of an approved family plan can expect the card to function just like a credit card extension of U.S.-based loved ones, as funds are remitted from the U.S. to the Philippines. By using the Pomelo Card, Metro Manila and Cebu residents will be able to shop online and in physical stores.
The Pomelo Card will become a new way for Filipinos to deepen their connection with their family members in the U.S. digitally and in real-time through the Pomelo app.
“Half of my family is Filipino and sending money back home has always been a source of stress, and one fraught with expensive fees and delays. I wanted to create a platform that makes it easier to support families in the Philippines, especially in emergency situations. With the Pomelo Card, U.S.-based citizens and residents will be able to transfer funds to their loved ones in the Philippines instantly, and because Pomelo earns revenue from merchants and not consumers, it is both free and one hundred percent of funds remitted will go to the recipients’ account,” says Pomelo founder and CEO Eric Velasquez Frenkiel.
Suited for the modern lifestyle of urban Filipinos
This modern restructuring of the traditional money remittance service adapts to a digital setting, allowing transactions to be done within the confines of the senders’ and recipients’ homes. With the holidays just around the corner and the threat of the pandemic still at large, the Pomelo Card will make it much safer and easier for Metro Manila and Cebu residents to receive support from loved ones in the U.S.
The Pomelo Card is powered by the Mastercard network, issued by Coastal Community Bank, and will feature a mobile application available on an Android or iOS smartphone. Pomelo will send users personalized, rechargeable Pomelo Cards as part of the family plan, enabling the convenience of online shopping and swiping at checkout instead of handling cash.
The Pomelo Card will also help fuel the continued growth and demand of the e-commerce industry in the Philippines as an added payment solution.
On scaling accessibility for the Pomelo Card
According to the latest remittance data by the Bangko Sentral ng Pilipinas, the U.S. continues to have the largest share of remittances to the Philippines, in addition to Malaysia and South Korea.
The Philippines will be the first to pioneer and experience the launch of this new remittance service outside of the U.S. while Pomelo plans to expand to other Asian countries. Talk to your U.S.-based loved ones about reserving a Pomelo Card today at https://www.pomelo.com/.
About the Pomelo Card
The Pomelo Card offers an easier, faster, and more efficient remittance experience, bringing the entire process into their app in real-time with no transaction fees. The card works like a credit card extension or a charge card of U.S.-based residents where funds are remitted digitally. Since Pomelo is powered by the Mastercard network, families who sign up on the website will be sent their very own Pomelo Cards once approved. Users in the Philippines can enjoy the safety and convenience of shopping online and in physical stores.
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