TelUPay has deployed its web-based remittance platform in partnership with Artajasa, Indonesia’s largest ATM network, simplifying remittance payments for overseas workers.
The service will enable remittance companies in overseas locations like Hong Kong, Singapore and Malaysia to easily send remittances from workers home to their families and friends.
The payments will be directly credited to the recipients’ bank accounts in real-time.
TelUPay and its partners Datindo and Bistrat Maharlika have started serious marketing efforts in Hong Kong, Singapore and Malaysia to flesh out partnerships with overseas remittance companies who might use the service. The marketing campaign will continue until TelUPay has numerous remittance companies using the service in each location.
“TelUPay is very excited to work with its Indonesian partners in promoting its web based international remittance service to millions of Indonesians that work overseas,” states Mr. Adrian Ansell, CEO of TelUPay.
TelUPay generates revenues between US $0.40 and US $0.60 per transaction for each international remittance.
Indonesian migrant workers sent Rp 88.6 trillion (US$7.35 billion) home via traditional banking channels in 2013. This amount is greater than the money remitted by foreign workers in the same period of 2012, which amounted to Rp 67.87 trillion.
But according to the National Labor Placement and Protection Agency in Indonesia, this total does not include additional funds carried home in cash or sent by channels other than banks. In total, Indonesian migrant workers send an estimated Rp 120 trillion back home every year.
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