It is estimated that $450 billion is remitted each year from developed nations to developing nations.
30% of this money is used to pay bills for families back at home.
Research shows that when a person moves overseas for work or study it can take up to a year to open a bank account. During this period their only options to remit money are through either (1) a branded cash transfer company (which can charge up to 12% fees) or (2) an illegal money transfer business (high risk and black market).
Sending money home to pay bills is not ideal as there could be a problem of ‘leakage’ when the money arrives as it might not be spent as intended.
PiP iT have developed a Cross-Border Bill Payment Service to facilitate paying bills back at home. There is no bank account needed in either country, and the payment goes straight to the biller. The fees are dramatically less and the payer knows all of the transferred amount goes directly to pay the bill.
Our growing B2B service currently includes over 1000 billers in 47 countries, and can be accessed via our partner banks, eWallets, APPs and ATM/Kiosk networks.