American Financial Services giant Western Union has announced a collaboration with Philippines-based e-wallet startup Coins.ph. The partnership announced on April 3, will allow Filipinos to conduct cross-border money transfers effortlessly.
Coins.ph provides financial services to the Filipinos, also to those without bank accounts; offering them services such as remittances, bill payments, digital currency purchases and mobile air-time. Coins.ph is currently the only blockchain-based firm in Asia to regulate with both Virtual Currency and Electronic Money Issuer licenses from the Central Bank.
This deal between the two entities will facilitate more than five million customers in receiving international and domestic transfers directly into Coins.ph wallet.
Co-founder and CEO at Coins.ph, Ron Hose briefed about the service by stating –
“By pairing Coins.ph’s payments technology with Western Union’s expansive global network, we are giving Filipinos a seamless choice to receive money digitally, on the go.”
Ron mentioned the significance of having a payment service like this one, as there is a multitude of “Filipinos working or residing overseas.” Ron cited that with this partnership deal, families back home will be benefited with a range of services impacting the communities in under and underserved areas of the country.
Molly Shane, Senior Vice President and General Manager, Global Money Transfer, Asia Pacific, Western Union commented on the partnership saying, “With this collaboration with Coins.ph, we are delighted to offer customers in the Philippines with an unmatched depth of services and capabilities, and convenience right at their fingertips.”
According to World Bank’s Migration and Remittances Brief 30, with over $34 billion of inflows in 2018, Philippines is among the leading remittance receiving countries in the world. The press release highlighted that Western Union has been providing service for almost two decades now while amassing more than 12,000 locations in the country.
In December 2018, Western Union announced a partnership with Ripple Labs to test the efficiency of blockchain in sending payments. Western Union’s President Odilon Almeida asserted that including cryptocurrencies may not be an issue, as they’ve “already been transferring money digitally for two decades.”
Western Union concluded the blog by issuing customer guidance, wherein users will be first required to register for Coins.ph wallet by providing a valid ID, in order to complete the electronic Know-Your-Customer (KYC) verification process.
Upon the successful completion of the registration, users can then receive Western Union money transfers into their wallets by entering the unique tracking number (MTCN). The release further added that the Coins.ph wallet holds a capacity of 100,000 Philippine Pesos per month (about $2000).