Western Union, a popular money transfer service, has entered into a partnership agreement with Coins.ph, the leading bitcoin company in the Philippines, through which residents of this Asian country can receive money transfers to their cryptocurrency wallets.
As noted in the press release, the Coins.ph user base has more than 5 million people, while the number of Filipinos who work outside the country and regularly face the need to send remittances home is about 10 million people. The new service will offer “quick and convenient access to remittances in urban and remote underserved areas”.
There are many overseas Filipino workers who send money back home regularly and are always looking for additional remittance options that will make it most convenient for their loved ones to receive money. 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. There are an estimated 10 million1 Filipinos working or residing overseas. With this collaboration, we are proud to serve their families back home with even easier access to our suite of services and maximize positive impact on communities in the country.
Co-founder and CEO, Coins.ph
The report notes that after verification, users will be able to receive monthly transfers in the amount of 100 thousand Filipino pesos (about USD $ 1 907).
Coins.ph is one of the oldest services in the Bitcoin ecosystem. At the end of 2014, the company offered its users an “instant transfer” service, which allowed them to withdraw funds sent from 450 ATMs across the country.