Fintech solutions provider I-Pay Commerce Venture Inc. (I-Pay) continues its partnership with remittance service company Wester Union by expanding its cross-border, cross-currency money movement and payments offerings using Shopee.
I-Pay, a longtime direct agent of Western Union in the Philippines, will now offer millions of Shopee users the choice to redirect international and domestic Western Union money transfers into their bank accounts digitally with its Direct-to-Bank (DTB) service.
As part of its partnership with Shopee Philippines, I-Pay will leverage Western Union’s cross-border digital capabilities on Shopee’s online shopping platform, providing customers the convenience of directing any Western Union money transfers into their bank accounts.
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In addition to this new service expansion, I-Pay continues to provide both inbound and outbound Western Union money transfer services at over 1,000 of their retail locations.
To avail of the service, customers must have a Shopee account. They can look up Western Union on the Shopee website search bar and click on the IPCVI Store to purchase a P20 service voucher.
After payment, the customer will receive a notification on Shopee which will include the voucher code. To receive a money transfer, customers can need to fill out a form within the site including the Western Union Money Transfer Control Number (MTCN) and the voucher code. I-Pay will then validate and process the remittance transaction via Western Union systems into the bank account of the customer.
Customers will be able to receive their remittances on the same day via credit to bank accounts or e-wallets through InstaPay, an electronic fund transfer (EFT) service by the Bangko Sentral ng Pilipinas.