Popular money transfer giant Western Union has collaborated with Philippines-based e-wallet provider Coins.ph. This has been made in order to allow residents of the Philippines to quickly receive cash transfers.
In the latest merger, international and domestic payments done using the Western Union's network arrive instantly into the crypto wallet hold by Coins.ph "over 5 million" users, the firm declared last week.
The main purpose of this service is to offer “quick and convenient access to remittances, in urban and remote underserved areas,” Coins.ph said. Coins.ph further said that partnering with Western Union's digital and retail networks allows users to send as well as receive payments from all nations and territories worldwide.
Before using these services, customers have to compulsory register for Coins.ph wallet, give a valid ID and complete electronic Know Your Customer (KYC) procedures. They have also released the further notes according to which Coins.ph will limit a user wallet capacity to 100,000 Philippines pesos per month (about $1,907).
Currently, around 10 million Filipinos working and living outside their nation, the Philippines is one of the leading nations in cash transfers. Coins.ph stated Bangkok Sentral ng Pilipinas (BSP), the country's national bank, stated that monthly personal cash transfers of Filipinos living abroad have gone upto $2.7 billion in July 2018 and increases 3% year-on-year.
Molly Shea, who is the senior vice president and general manager, Global Money Transfer, Asia Pacific Western Union, 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.”
Coins.ph provide financial services to the Philippines residents along with those who don't have a bank account, providing a mobile wallet giving services like cash transfers, bill payments, and cryptocurrency purchases. The company holds Virtual Currency and Electronic Money Insurance licenses released by the central bank.
Coins.ph co-founder and CEO, Ron Hose said, "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."
Earlier, Western Union teamed up with Stellar (XLM) collaborator Thunes to allow firm's clients to transfer funds instantly into mobile wallets globally. Western Union further highlighted that the extended service's main purpose is to improve financial integration globally by providing financial services to underbanked and people who are not supported by common financial service providers.