Purposeful remittance is the act of transmitting non-monetary “value” to a recipient in the form of a bill settlement or a mobile phone bill top-up. For example, instead of the usual act of transferring and receiving funds or cash to and from bank accounts that occur in traditional remittances.
Most people who regularly use the word “remittance” are referring to sending money from Australia to other countries. Australian law defines remittance transfers as a method consisting of mostly electronic money transfers from consumers in Australia through what is known as “remittance transfer providers” to recipients abroad.
Purpose remittance is both cost-effective and improves productivity, and helps purpose remittance centers engage in more business opportunities.
Novatti continuously aims to seek improvement on their products and one of their means in doing so is introducing Novatti Purposeful Remittance solution.
Who can use it?
Three parties benefit from using purposeful remittance. The purpose remittance center, the remitter or the sender, and the beneficiary or the recipient.
How does Purposeful Remittance work?
This kind of service allows the individual or the remitter to control how the funds will be used, instead of letting the recipient decide where to use these resources. It builds a fiduciary responsibility between the remittance center and the remitter, preventing misuse of funds. It also shows the exact amount of fund used when the transaction was made, which promotes accuracy and reliability of the service.
There’s no need to go to a bank or a remittance center. Using one’s mobile phone, the remitter can quickly download the smartphone app and sign up for an account using his mobile phone number. Once his account is verified and activated, he can start using the app to send values to family or friends in domestic areas or even abroad.
What is in our offer?
Purposeful remittance allows remitters to send “value” to their family or friend with more ease of transaction and assurance on how the funds will be spent, which the former determines and controls. This promotes less anxiety on the part of the remitter and builds more trust towards the purposeful remittance center. More so, it allows the remitter to use immediately the funds to pay for something specific, such as to settle an electrical bill, perform a mobile phone top-up, and more.
Why Novatti Purposeful Remittance solution?
- Novatti Purposeful Remittance solution helps promote the efficiency of purposeful remittance
- Allows remitters the ability to handle their funds
- Helps both the center and the remitter save time in performing their tasks
- Completed with just one click on one’s mobile phone
- convenient, hassle-free, fast, and purposeful