7-Eleven and Pay2Home aim to serve Singapore’s underbanked
In an attempt to address the underbanked in Singapore, Pay2Home and 7-Eleven’s partnership will allow those without a bank account or debit card the ability to carry out a remittance transaction using the Pay2Home mobile app in stores.
The app will allow users to instigate a remittance transaction and pay instantly through an instantaneously generated QR-code bill using cash at any 7-Eleven store, according to a report by FinTech Singapore.
The partnership will mean the introduction of a further 400 touchpoints for Pay2Home’s customers to capitalise on, located across a number of 7-Eleven stores.
The collaboration aims to service those who still want or need to operate in cash, with the report highlighting migrant workers as a particular target demographic.
A study commissioned by information services company Experian and Hong Kong charity Enrich, published in June 2019, revealed that almost one-half of Singapore’s 250,000 foreign domestic workers do not have access to a bank account. One-third were also found to be in debt.
According to a statement by Pay2Home, more than 60% of their customer base continue to pay for remittances in cash, even if they have a bank account, in some cases.