Western Union, an American financial service firm has now entered into a partnership with e-wallet provider Coins.ph, a Philippine-based firm. The partnership will allow Filipinos to perform cross-border money transfers. The news was published on April 3.
Western Union continues to make progress in the field of cryptocurrency by entering into the field. This is the most recent step taken by the financial firms in crypto space. Western Union selects Coins.ph as its partner to offer blockchain based services.
Coins.ph is a blockchain based financial services firm with a mission to help people who do not have bank accounts. Besides also offers a way to make crypto purchases. Mobile wallets and services like remittances, bill payments and mobile air-time are the services offered by Coins.ph.
The cross border platform of the Western Union will enable Filipinos to receive and hold international money transfers activated from the digital network of Western Union in 60 plus countries and retail network across more than 200 countries and territories. The Philippines can receive and hold international money transfer straight into their Coins.ph wallets.
Co-founder and CEO of Coins.ph 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.”
The CEO added that by integrating the payments technology of Coins.ph with a wide global network of Western Union, it will be offering Filipinos a smooth option to receive money virtually, on the fingertip.
The customer before using the new services needs to register for Coins.ph wallet, provide a valid ID and should clear electronic procedures of Know Your Customer (KYC). The announcement also mentions that the consumer wallet capacity will be limited by Coins.ph to 100,000 Philippines pesos every month (around $1,907).
The report claims that more than 5 million Filipinos hold Coins.ph wallet and Western Union has 12,000 plus agent locations within the country. As per the World Bank’s Migration and Remittances Brief 30, the Philippines are considered as the leading remittance-receiving countries in the world, with more than $34 billion of inflows registered in 2018.
The objective of the deal is to offer millions of Filipinos fast and secure access to remittances, mainly in urban and remote underserved areas, both the companies will continue their efforts to provide it.
Previously, Western Union had collaborated with Stellar (XML) co-partner Thunes to allow the clients of the company to exchange funds directly into their mobile wallets across the world. Western Union highlighted that this advance functionality plans to lead the financial inclusion in the world by easing financial access for the underbanked and those who are not supported by financial service providers.
Senior Vice President and General Manager, Global Money Transfer, Asia Pacific, Western Union, Molly Shea stated,
“over the years, Western Union has fueled innovation centered around the needs of customers giving them their choice of channels, currencies, access and opportunities to connect with family and friends around the globe.”
As of now, the country’s leaders are working towards becoming legendary in the crypto world. They have created various policies that aim at improving the image of the country as a crypto-friendly one. And the partnership of Western Union could help in boosting the image.