RECENTLY, PayRemit, a fintech solution with services specific to OFWs, added new services to their platform, which has been around since 2017. As PayRemit grows, so is the stress on their servers and systems.
The official number from the Philippine Statistics Authority is that as of 2019, there are 2.2 million overseas Filipino workers registered with the agency. Even if PayRemit processes say, only 20 percent of 2.2 million with two to three transactions daily, would mean it will handle over 1.3 million transactions on its platform.
Its expanded services “geared to respond to the needs of OFW’s” include payment via installment, concierge services apart from their current online shopping and pay using remittances, the technology question is: “how resilient and adaptable is their platform?”
“We had to respond to OFWs’ needs. They wanted an online platform for appliances and gadgets. So, we built one,” Vincent Grey, PayRemit President & CEO said.
“Building one” meant it built one using Amazon Web Services. According to PayRemit’s tech team, this gives them scalability, adaptability, security and resilience needed when handling the varying needs of their OFW customer base. “Which means our business doesn’t have to face any apprehension when volume is an issue or when necessities keep varying,” according to PayRemit’s tech team.
Safe-guarding the business from potential information leaks and the risk of hacks is also a huge part of the platform’s advantage. This works very well for OFWs because data is managed with regions where there are a lot of them located–the Middle East and the Gulf Coast Countries, North America and Southeast Asia. The diversification of AWS data centers ensures that a disaster striking one region doesn’t cause permanent data loss worldwide.
Aside from the personal touch, what really sets PayRemit apart is the capability to collect cash payments from OFWs. They claim that currently, no other e-commerce site can do this. In terms of fulfillment, PayRemit taps local suppliers such as Abenson, Royal Star Appliances and K Servico who are able to deliver items at lower cost.
“When we finally got the business model right, it became clear that we were making a huge difference in the lives of our customers, sales agents, and their families. The photos they share with us are testament to this.” Grey said.
“It’s not an off-the-shelf solution…we have a team of programmers…they design and develop our software… Developing our own solutions ensures that it is tailored to suit each and every needs. In doing so, we get to optimize our processes, which leads to higher productivity. By designing our own systems, we maximize it for our business,” a representative of PayRemit’s tech team said.
PayRemit started as a payment gateway in 2017 focusing on Pinoy migrant workers to shop online and pay with remitted earnings. In 2018, PayRemit expanded its services and piloted a shopping site on Facebook for appliances and gadgets that OFWs could send to their families back home. Their strongest partner-merchants are Goldilocks and Cebu Pacific. Now the new PayRemit App is a marketplace that can deliver items to OFWs across the country.
