YourPay Facilitates Indonesian Migrant Workers to Send Money
A startup engaged in financial technology (fintech), YourPay, facilitates migrant workers and their families to manage and send money. YourPay founder, Christilia Angelica, said the problems faced by Indonesian migrant workers in managing and sending their money home are real.
Many of them are family breadwinners with both elderly parents as dependents or, children who live in homes, most of whom do not have bank accounts. “Nearly 85 users of YourPay are female migrant workers and I share my deep empathy for them,” said Christilia in an official statement, Tuesday (23/3/2021).
He hopes YourPay can become a leading IDR electronic money service serving Indonesian people abroad, especially the migrant worker community. YourPay, claims Christilia, can give them the flexibility to take full control of the money they earn, with a more transparent approach.
Migrant Workers Face Many Challenges
Migrant workers face many challenges in sending money from abroad. Starting from the language barrier when they want to use the country’s banking services, up to 77 percent of migrant workers have bank accounts but don’t use them, and so on.
In addition, many groups of migrant workers are not used to using financial technology to manage their money.
“We have come to understand that in reality, migrant workers are often used by multiple intermediaries regarding remittances or third party relatives which generally expose them to high risks or have to pay high cash handling fees,” said Christilia.
He added that all the existing limitations limit them from complete control of their income and the difficulty of making direct transactions for various basic necessities of life in their hometown home.
Low Service Costs
With a YourPay account, migrant workers can deposit their salaries through official outlets in the countries they work for to top-up balances.
Users also have access to funds in electronic money and can make various cross-border transactions without cash to send money to their families in their home country, and make daily payments such as buying credit, paying monthly bills, and buying various necessities.
Withdrawing cash from YourPay will only cost IDR 2,500 (around US$ 0.5), which is up to 10 times cheaper than similar services. Meanwhile, users can make transfers to fellow users for free.
Record IDR 90 Billion Transactions from 45,000 Migrant Workers
YourPay, the rupiah digital money application makes it easier to manage the money of Indonesian migrant workers abroad. Since its launch in June 2020, YourPay has received a total gross transaction value (GTV) volume of IDR 90 billion from 45,000 users.
“Through Yourpay, migrant workers can plan their finances digitally, in real time, and flexibly with better security and efficiency, anytime and anywhere,” said PT Rpay Finansial Digital Indonesia (Yourpay) Founder Christilia Angelica Widjaja in an official statement, Tuesday (23/3/2021).
According to him, migrant workers face many challenges in sending money from abroad, such as language barriers when they want to use banking services in the country and are not used to using financial technology (fintech) to manage money. Even though as many as 77% of migrant workers have bank accounts, they are still not used.
“Migrant workers are often used by intermediaries related to remittances or relatives of third parties which generally put them at high risk or have to pay quite high money handling fees,” he said.
He said, YourPay focused on providing low service costs, achieving exponential growth and fast user acquisition. Since its launch, YourPay has acquired 37,261 agents throughout Indonesia, Taiwan, Singapore and Hong Kong.