Banking News

Western Union enters deal with Philippines blockchain wallet provider coins.ph

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Today Coins.ph announced that its five million customers can receive Western Union payments directly into their Coins.ph wallets.

“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,” said Ron Hose, Coins.ph co-founder and CEO “By pairing Coins.phs payments technology with Western Union’s expansive global network, we are giving Filipinos a seamless choice to receive money digitally, on the go.”

Hose estimated that 10 million Filipinos work or live overseas.

According to World Bank statistics, in 2017 remittances to the Philippines amounted to $32.8 billion and made up 10.5% of GDP.

A significant proportion of remittance costs come from cash handling. For example, using Western Union via the internet costs much less than going into an agent.

The global average cost of remittances stands at 6.94% as of March this year, but this varies significantly from country to country. It’s also a radical improvement over the last ten years. In Q1 2009 the global average was 9.67%. When the figure is weighted according to quantities remitted, the cost is much lower at 5.2% rather than 6.94%.

“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,” said Molly Shea, SVP & General Manager, Global Money Transfer, Asia Pacific, Western Union. “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.”

Western Union has 12,000 agent locations in the Philippines.

Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP). It claims to be the only blockchain-based company in Asia to have central bank licenses for virtual currency as well as electronic money issuance.