Western Union, a major provider of financial services, has agreed on a partnership with Coins.ph, the Philippines-based e-wallet providers, to enable millions of customers in the Philippines to receive international and domestic money transfers directly in Coins.ph-operated crypto wallet.
“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,” said Ron Hose, the co-founder and chief executive of Coins.ph, in a statement.
According to estimates, there is around 10 million Philippinos residing outside their home country. The vast majority is working and sending money to their family and friends back home. The statement also mentions the World Bank’s report which mentions Southeast Asia’s archipelagic country as “one of the top remittance receiving countries in the world”.
“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,” added Hose.
As noted in the statement, the two companies will work together to integrate a blockchain-powered crypto wallet together with the Western Union’s cross-border platform. As the US giant operates in around 200 countries and territories, the benefits for residents of the Philippines are huge.
“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,” said Molly Shea, SVP and GM of the Western Union’s Asia-Pacific department.
In order to be able to receive funds through Coins.ph wallet, users have to register for wallet and complete the necessary verification process. By entering the unique tracking number (MTCN) and expected remittance amount, consumers can receive up to $1,900 per month.