The money transfer giant Western Union is in today’s headlines on our DC Forecasts crypto news site. According to the latest reports, the money transfer giant has teamed up with a blockchain startup from the Philippines, Coins.ph, in order to help residents of the country to receive their cash remittances in an easy way.
The new deal will help both Western Union and Filipinos with their international and domestic payments made through the platform. As the deal outlines, the network will make them arrive directly into the digital wallets held by Coins.ph’s “over 5 million” users, according to the startup’s announcement last week.
As written in the release, the service will offer “quick and convenient access to remittances, in urban and remote underserved areas,” according to Coins.ph – adding that the link with Western Union’s digital and retail networks enables customers to receive payments from all nations and territories worldwide.
With more than 10 million Filipinos working and living outside of their home nation, the Philippines is one of the top destinations for remittances in the world. The industry is also growing.
Coins.ph even cited the country’s central bank (Bangko Sentral ng Pilipinas (BSP) as saying that the monthly personal remittances from Filiponos living abroad had reached $2.7 billion last July and grown 3% year on year.
The vice president and general manager of Global Money Transfer, Asia Pacific, Western Union named Molly Shea said:
“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.”
Right now, Coins.ph offers financial services for Philippines residents including people who don’t have a bank account, offering them mobile wallet enabling services such as remittances, bill payments and cryptocurrency purchases. The firm holds both Virtual Currency as well as Electronic Money licenses issued by Philippines’ central bank.
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