At Pipit Global, we are excited to announce that our strategic partnership with global financial services provider, WariPay – which has already started to bring down the cost of sending money abroad from France and the UK; is now LIVE ACROSS SPAIN.
Sending money back home to your family can be very expensive! The global average cost to send cash abroad is 7%, so for example, if you were sending €120 from Spain to Africa it could cost £8.40 in fees.
Although the average cost of remittance has come down in recent years, it is still too high and is more than double the 3% cost target set by the United Nations.
We have created Pipit, the world's first low-cost platform for international cash transactions which offers the option to top-up an e-wallet, pay cash for online purchases or transfer money to a foreign bank account.
In Spain, migrant workers from Africa, India and the Middle East can access the Pipit cash collection platform through the Disashop network of more than 10,000 cash acceptance points across the country.
“We are building a global network of payment partners who recognise that for a growing segment of our society, cash is the main means of managing their finances. Together we are building the technology to allow them to use their cash in the digital marketplace in increasingly secure and cost-effective ways.” said Ollie Walsh, CEO of Pipit.
“In the past 12 months, through our partnership with Zeepay, 1.5% of the total UK-to-Ghana remittance has moved through the Pipit platform, and through our Wari partnership, we expect to see a similar scenario develop in the Spanish market as customers discover the platform and enjoy the lower costs of sending money back home” continues Ollie Walsh.
The growing global network also offers African citizens living in Spain the facility to lodge cash instantly into 55 million bank accounts on the continent of Africa.
We are currently rolling out our cross-border bill payment service and we have partnered with over 1,000 billers in 58 developing countries, enabling migrants living in Spain to pay bills directly in their home country in cash, without the need to be affiliated with a bank in the host country. This will soon be available on a number of merchant platforms including SpotOnPay.
According to the Instituto Nacional de Estadística, there were 7.2 million foreign-born people in Spain in 2020, making up to 15% of the Spanish population. This represents a large potential target market for this new service. The World Bank report that $16 billion is remitted from Spain each year – it is estimated that 75% of remittance is used to cover essentials like bills, so we can assume that $12 billion is send overseas to pay bills each year.
At Pipit Global we are working to bring down the cost of remittance, saving € millions annually for the 7.2 million migrant workers currently living in Spain.
To use the service, the customer goes to his nearest Diashop POS (currently 10k points in Spain) pays for their chosen service with cash, and he is issued with a receipt. Transactions are 100% secure and do not require high cross-border costs since the sum is paid directly from Spain, with a small administrative fee.
Research conducted by Pipit also reveals that almost 1 million people living in Spain are not affiliated to a bank. "Our cash transaction system will provide them with an ideal alternative means of payment to make online purchases or to load an e-wallet and send money to their relatives," concludes Ollie Walsh.
Nicolas Lesage, CEO of Waripay commented “I’m very glad to welcome Pipit as a true partner and to contribute to its success through our electronic money innovative solutions”
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About Pipit Global
Pipit is a secure and private online payment platform which helps customers spend cash digitally. It allows migrants living and working around the world to pay bills and transfer money overseas at a fraction of the cost and time taken by more traditional international payment providers who currently dominate the market. Described as a “social impact company”, Pipit Global have a clear and genuine mission statement when it comes to what they aim to achieve with this payment system.
Pipit Global is a Scale-Up business in the FinTech/Payments space with offices in UK, Ireland, Ghana, Mumbai and Vancouver.
Waripay, an electronic money institution controlled and regulated by French ACPR, provides its customers and partners with electronic money solutions like “Ticket Premium” and “Waripay” dedicated for customer who prefer to pay cash.
Thanks to its adaptable, customizable solutions, and with a constantly evolving payments market, Waripay provides its partners and customers security, resilience, reliability and innovation.