Western Union And Philippines’ Coins.ph Partner To Facilitate Cross-Border Remittances
Western Union and Coins.ph, a leading Philippines-based e-wallet provider, have signed a partnership that will see Filipinos enjoy an improved cross-border payments experience.
The development means that Western Union continues to push towards the use of infrastructure in the nascent crypto space. The latest is to integrate Coins.ph’s blockchain-based service, the company announced via a press release.
The collaboration with the global money transfer company will enable over 5 million Filipinos to use their Coins.ph wallets to accept and hold cross-border money transfers. These transactions will reportedly be made directly into the user’s Coins.ph wallet.
Customers will be required to satisfy a few checks before accessing the new service, the company announced. Users who wish to use the platform will first need to register for a wallet at Coins.ph, where they would be required to identify themselves via a valid ID.
In addition, they would have to complete an electronic Know Your Customer (KYC) checks. Successful users will be those that pass the KYC process.
Per the press statement, Coins.ph will cap users’ wallets at a monthly ceiling of 100,000 Philippines pesos (roughly $1,907).
The Philippines is one of the largest and also fastest growing markets for cross-border remittances. In December 2018, the World Bank released a report on “Migration and Remittances,” detailing the global trends in the areas of migration and remittances.
The WB report ranks the Philippines as one of the countries with the largest share of remittances in the world. Payment inflows in this sector accounted for more than $34 billion as of December 2018.
As noted earlier, the document highlights that more than five million Filipinos hold an account at Coins.ph. On the other hand, Western Union services are available at over 12,000 agent locations across the country.
Western Union has moved to consolidate its reach via partnerships that seek to bring financial services to some of the most underbanked people across the globe.
In March, the company announced it had partnered with Thunes, a firm that works with Stellar (XLM), to allow clients direct funds transfer to any mobile wallets around the world.
The added feature, according to Western Union, targeted driving efforts at financial inclusion around the world. The aim is to give the underbanked and unbanked easy access to financial services.
Users can access international payments in as many as 200 countries where the WU network is available and over 60 that have the company’s digital services.
Elsewhere, Myanmar and Thailand central banks at the beginning of April sanctioned the use of a payments and remittances service built on top of the Ethereum (ETH) blockchain.
According to the governor of Thailand’s Central Bank Veerathai Santiprabhob, the Everex blockchain-based platform formed a vital step in the right direction for over 3 million Thai workers who may have been using unsecured channels to send or receive money.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.