Western Union Integrates Crypto Wallet To Expand Philippines Remittances
Western Union has reportedly partnered with Coins.ph, a blockchain startup, in an attempt to provide residents of the Philippines a much easier way to receive cash remittances. Here is everything about the integration in a nutshell.
The Integration Explained
According to the official report, the newly inked deal from the money transfer giant will cover both domestic and international payments. Once the money arrives at Western Union’s network, it will be converted directly into digital wallets courtesy of Coin.ph’s. The latter, in particular, boasts more than five million users, as per the announcement from the startup.
The service is specifically designed to offer not only a quicker but also more convenient access to remittances, something that will be applied to both urban and remote underserved areas. Coins.ph further added that the partnership with Western Union’s digital and retail networks will pave the way for customers to easily obtain payments from virtually all countries and territories across the globe.
Considering the fact that there are more than 10 million Filipinos working and/or living outside their country, the Philippines is deemed one of the top destinations internationally for remittances. The blockchain startup also suggests that the country has a growing industry. The company further stated that according to Bangko Sentral, the country’s very own central bank, the monthly remittances acquired from Filipinos working abroad had managed to reach at least $2.7 billion last July and, more importantly, has grown around three percent year-on-year.
The Convenience The Integration Brings
The senior vice president and general manager at Western Union named Molly Shea said that the collaboration with Coins.ph will give the Philippines a huge advantage. In one way or another, it will enable Filipinos to have access to an “unmatched depth of services and capabilities,” not to mention the great convenience the integration brings right at the fingertips of these people.
It is worth noting that Shea is under Western Union’s Global Money Transfer department in the Asia Pacific region.
Coins.ph is all about offering financial services meant for residents in the Philippines, including people who do not have a bank account. It offers a mobile wallet that allows the existence of services such as crypto purchases and bill payments. The company was given by the aforementioned central bank two licenses, which are Virtual Currency and Electronic Money Issuer license.
According to the CEO and co-founder of Coins.ph named Ron Hose, there is a deluge of Filipinos fond of sending money back home on a regular basis. Even more so, they are always in need of a way to gain access to more additional remittance options.