One of the biggest American money transfer companies, Western Union, has recently signed a deal with the blockchain startup Coins.ph for faster, and more convenient local and cross-border remittances. The Philippine-based e-wallet revealed in the previous week that the partnership would allow both domestic and international payments thru Western Union to be received directly by their 5 million users via digital wallet.
Digital Integrations for Faster Remittances
Their goal was to provide those in urban and remote areas with swift and easy access to remittances. Coins.ph stated that connecting with the retail and digital networks of Western Union will make it possible for their customers to receive payments from virtually anywhere in the world.
According to the Philippines’ central bank, the monthly remittances from 10 million Filipinos working and living outside the country had reached $2.7 billion in July last year. It has been a growing industry that has seen an increase of 3% each year. This makes the country one of the top global remittance destinations.
Coins.ph now possesses Electronic Money Issuer and Virtual Currency licenses from the central bank. The firm’s mobile wallet offers financial services including cryptocurrency purchases, bill payments, and remittances to Philippine residents, even to those who are unbanked. CEO and co-founder of Coins.ph, Ron Hose says that millions of overseas Filipino workers are always looking for much better options to send money back home to their loved ones.
Mobile wallet users are required to complete the online Know Your Customer or KYC verification process before they can receive transfers from Western Union on their digital wallets. Coins.ph also implement a monthly remittance limited to a maximum of $2000 or equivalent to around 100 thousand in Philippine pesos.