7-Eleven partners with local fintech to launch cash-based remittance service
Payers will be able to remit using cash via a generated QR-code bill.
7-Eleven has collaborated with fintech Pay2Home for a new service that will manage cash-based remittances, announced the company.
The launch of the new service is in line with the companies’ goal to serve the underbanked in Singapore, which includes migrant workers who remit funds as a basic necessity, but are often excluded from fintech innovation, resulting in limited access to the full benefits of digital services.
Through the partnership, those without a bank account, debit card, or the familiarity to use either, may now initiate a remittance transaction using the Pay2Home mobile app. Payers will be able pay instantly via a generated QR-code bill using cash at any 7-Eleven store. The transaction is also made available for immediate delivery overseas.