Puregold expands into remittance business

Customers of supermarket chain Puregold may soon use remittances from relatives abroad to pay for groceries, utility bills and tuition fees.

 

The retailer whose shares are traded on the Philippine Stock Exchange is going into the lucrative business of money transfer.

 

Pure Padala, the newly launched service of Puregold Price Club Inc., gives overseas Filipinos an alternative way of sending remittances through Globe Telecom Inc.'s G-Cash, with a twist. 

 

Instead of recipient relatives getting cash, the money transfer may be earmarked specifically for groceries, or settle utility bills and tuition fees. 

 

Recipients will receive a text message which must be presented to the cashier. The money earmarked for groceries can be redeemed in Puregold stores nationwide starting July 12. 

 

Puregold is launching the service in Hong Kong, Singapore, Japan, Saudi Arabia and US.

 

The remittance service targets around 10 million overseas Filipino workers, who collectively remitted an all-time high of $27 billion last year, Puregold President Vincent Co told reporters on Wednesday. 

 

"In two to three years time, we expect this service to significantly contribute to the business," Co added.

 

Puregold saw its core net income rise 18 percent to P4.52 billion in 2014, after net sales of P84.7 billion on the back of strong consumer demand from its Puregold, S&R Membership and S&R New York Style Pizza stores. – Keith richard Mariano/Vs, GMA News