Global money transfer giant Western Union has teamed up with Coins.ph a crypto startup to make it easier for residents of the Philippines to receive cash remittances. The partnership was announced last week and will see both international and domestic payments made through the money transfer giant arrive directly into digital wallets that are held by Coins.ph.
The crypto startup noted that the service will aim to offer quick and convenient access to remittances both in urban and remote underserved areas. The platform went on to add that by linking with Western Union’s digital and retail networks; this will enable customers to receive payments from all nations and territories around the globe.
Currently, there are around 10 million Filipinos that work and live outside their home country. The Asian nation is one of the top destinations for remittances. Also, according to a report from the Bangko Sentral Pilipinas (BSP), the central bank of the Philippines, the industry is growing.
The BSP noted that the monthly personal remittances from Filipinos that live abroad had reached $2.7 billion as of July last year and had consistently sustained a year on year growth of 3 percent.
Commenting on the partnership, Molly Shea who is the senior vice president and the general manager of the Global Money Transfer in the Asia Pacific for 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.”
Also, Ron Hose who is the co-founder and CEO of the Coin.ph noted that:
“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.”
What’s your take on Western Union teams up with blockchain startup to aid money remittances in the Philippines? Share your thoughts in the comment section below.