LBC Express launches TXT Remit in Cebu
LBC Express Inc (LBCEI) launched its prepaid remittance card in Cebu last Thursday during a press conference in Radisson Blu Hotel.
The company said its TXT Remit allows transferring and claiming remittances via SMS.
LBC-EI vice president for global remittance Achilles Reyes said customers will enjoy a better remittance process in terms of convenience, speed and reliability through real-time transactions with TXT Remit.
LBC-EI Philippines senior vice president Oliver Valentin said the feature will enhance the experience of both senders and receivers and they need not make a trip to initiate a transaction.
He said the service is LBC’s take on addressing the two key attributes of the remittance business: convenience and competitive pricing.
TXT Remit cards come in denominations of P500, P1000 and P1500.
Reyes said 70 percent of their market sends money in those values, but he said they are looking into creating additional card amounts such as P5,000.
At the back of the TXT Remit card are instructions on how to send the amount by texting the remit card number and PIN using a particular syntax format.
Each card costs the exact amount plus the transaction fee, which is still equivalent to the standard money transfer fee over LBC counters.
Upon encashment, the recipient must provide a valid ID and complete an LBC claim form with the tracking number and PIN.
TXT Remit is also a transferable and convertible product and can be used as a gift certificate and in taking advantage of other LBC services like remit to account and bills express payments.
TXT Remit is available in all LBC branches and affiliate outlets, retailers and resellers in Cebu.
According to officials, TXT Remit is positioned for LBC regulars and even non-LBC patrons who are familiar with mobile remittance and are technologically savvy.
They said Cebu was to chosen to pilot the service because of its dynamic remittance environment that is scaled down and easier to monitor.
“Cebu is a good launching ground; the melting pot in the south for a diverse mix of innovations,” Reyes said.
Chris Balbuena of LBC Cebu also expressed confidence that TXT Remit will do well in Cebu, considering its vibrant remittance market that is powered by consumers who are curious and receptive to new ideas.
Although TXT Remit is currently limited to Cebu, Reyes said encashment is possible in all LBC branches nationwide.