Western Union recently announced that it is working with startup Coins.ph to offer domestic and overseas payment services to Filipinos. Funds transferred through Western Union can directly be received via digital wallets operated by Coins.ph, which boasts over 5 million users.
According to a Coindesk report, Coins.ph said the agreement with Western Union will bring about “quick and convenient access to remittances, in urban and remote underserved areas.” The digital wallet startup said that according to the island nation’s central bank, Bangko Sentral ng Pilipinas (BSP), remittances from Filipinos working overseas totalled over US$2.7 billion in July 2018 and sees 3 percent growth every year.
Molly Shea, Senior Vice President and General Manager of Global Money Transfer, Asia Pacific, at Western Union, said in a statement, “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.”
The service will also enable those with no bank accounts to easily receive funds as well as carry out transactions, such as cryptocurrency purchases and bill payments, using the crypto wallet operated by Coins.ph. The startup has already been granted licenses for Virtual Currency and Electronic Money Issuer from the central bank.
The company disclosed that in order to use the service, customers are required to complete the Know-Your-Customer (KYC) verification process before registering to receive funds through Western Union. The maximum remittance amount has been set at 100,000 Philippine pesos per month, or about US$2,000.
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