Thunes, a global money movement innovator, has teamed up with Pomelo, a pioneering credit-powered remittance company and credit card issuer.
This strategic partnership aims to transform the remittance process by integrating Thunes’ digital wallet technology with Pomelo’s innovative credit line approach. This collaboration will reduce costs and streamline money transfers from the United States to the Philippines, thus connecting families in new and efficient ways.
Thunes is known for its extensive network that connects with over 550 of the world’s most popular payment methods, including digital wallets, bank accounts, and apps. Its expertise lies in facilitating quick and transparent cross-border payments.
Pomelo, on the other hand, disrupts traditional remittance methods by providing a credit line to fund remittances while also helping customers build their credit history in the U.S. This allows for continuous access to funds for the recipients while maintaining cost-effective transfer rates.
Through this partnership, Pomelo cardholders can instantly transfer funds from their credit lines into recipients’ GCash digital wallets, managed by Thunes’ network. This solution not only supports the US-Philippines remittance corridor—one of the largest in the world—but also plans to expand to other significant markets like Mexico and India.
Thunes CEO Floris de Kort said, “Pomelo has the potential to transform remittance payments worldwide. This partnership aligns perfectly with Thunes’ ambition to make cross-border payments faster, more transparent and more affordable, by connecting to over 3 billion digital wallets and 4 billion bank accounts. By providing payouts to the GCash digital wallet, we’re getting funds to family members instantly, how and when they need it most.”
Pomelo Founder and CEO Eric Velasquez Frenkiel said, “Sending remittances used to be costly, slow and unreliable. At Pomelo, we’re changing how international money transfer works by helping customers build a credit history in the US while supporting their loved ones across borders. Thunes’ emerging markets expertise will be integral to helping us launch our digital wallet integration quickly to move money into the local payment methods of choice, initially in the Philippines/US corridor and beyond, as we expand our reach of services.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
