Western Union Partners With E-Wallet Coins.ph for Cross-Border Remittances
Western Union continues to make strides in jumping into the crypto space. Its latest move requires a collaboration with a Philippines-based e-wallet supplier.
Payments behemoth Western Union will incorporate the Coins.ph blockchain-based platform, allowing Filipinos to conduct cross-border money transfers.
American financial services business, The Western Union Company has actually partnered with Philippines-based e-wallet company Coins.ph to make it possible for Filipinos to carry out cross-border money transfers. The development was announced in a news release published on April 3.
A Match Made In The Cryptosphere
The hope is that the integration of the Coins.ph blockchain-enabled platform and Western Union’s cross-border platform could greatly assist Filipino workers. They will then have the ability to receive and send global money transfers initiated from Western Union’s digital network.
In a declaration, Coins.ph co-founder and CEO 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. 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.”
Prior to utilizing the new services, clients supposedly have to sign up for Coins.ph wallet, offer a legitimate ID, and pass electronic Know Your Customer (KYC) treatments. The release additionally notes that Coins.ph will restrict a consumer wallet capacity to 100,000 Philippines pesos monthly (about $1,907). According to the World Bank’s Migration and Remittances Brief 30, the Philippines represent one of the leading remittance-receiving countries in the world, with over $34 billion in inflows registered in 2018. The release reads that over 5 million Filipinos hold Coins.ph wallet, while Western Union has more than 12,000 representative areas in the nation.
Last month, Western Union partnered with Stellar (XLM) partner Thunes to enable the company’s clients to move funds straight to mobile wallets globally. Western Union emphasized then that this expanded functionality intends to drive monetary addition worldwide by alleviating financial access for the underbanked– and anyone currently not supported by traditional monetary service providers.
Earlier this month, the reserve banks of Myanmar and Thailand backed the Ethereum (ETH)- based remittance system established by blockchain company Everex. Veerathai Santiprabhob, the governor of Thailand’s Central Bank reportedly stated that “this project is a crucial step forward for the more than 3 million workers in Thailand who may have so far utilized not secured channels.”