New Bitcoin Wallet App Targets Philippines Remittance Market
Philippines-based exchange Coins.ph today released a mobile bitcoin wallet app with features the company says are aimed squarely at emerging market use cases. As well as standard wallet functions, the Android-only app allows users to buy and sell bitcoin through various channels, top up prepaid mobile phones, pay bills, and even work as a mobile remittance service by converting to Philippines pesos. Coins.ph Android app main page. Coins.ph CEO Ron Hose said the intent is to provide simple solutions starting from the most basic, giving everyone a safe and convenient way to use their money.....
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The practically non-existent start-up ecosystem in Philippines has suddenly sprung to life. Thanks to the bitcoin revolution, the number of start-ups, particularly cryptocurrency related ones is increasing from the past couple of years. The success of Bitcoin in Philippines can be attributed to the social and economic factors. The two main factors that has led to a bitcoin boom in Philippines: Philippines has a huge remittance market. Like China and India, there are many Filipino emigrant workers employed across the world. Like in any other developing countries, even the emigrant Filipinos....
FastCompany’s report revealed that overseas remittance totaled $429 billion in 2016. Some of the largest Remittance markets include China and the Philippines. Already, bitcoin startups have begun to dominate the remittance markets in the two countries, with the Philippines leading bitcoin remittance innovation. Both domestic and international remittance is a massive market within the Philippines. Companies such as Lhuillier and Palawan operate thousands of branches throughout the country, with deeper market penetration in comparison to international remittance companies such as Western....
Universal bitcoin company Satoshi Citadel Industries' Rebit.ph has partnered with California-based global transaction network and money transfer platform ZipZap to enable Filipino expat workers in Canada to send money back to the Philippines using the ZipZap payment application. Filipino workers spend around USD$2 billion in transaction and conversion fees when sending money back to their families. The remittance services and outlets such as Western Union and Lhuiller (Filipino Local Remittance Service) can be extremely expensive and inefficient, as it requires 5 percent to 12 percent of....
Token Hub Asia in the Philippines recently celebrated its one-year anniversary as a remittance service for an altcoin called Eternal Coin (XEC) serving the Philippines, Japan, Hong Kong and Korea. Eternal Coin is owned by a Japanese company called Atom Solutions. The service charges users a flat 2 Philippine peso (approx $ 0.04 USD) remittance fee. It is possible to send the funds directly to a recipient’s mobile phone. Remittance Via Mobile Phone. “Through the use of your own mobile device, Eternal coin is the world’s first digital currency in which the transmission can be performed with....
The first instant remittance service to the Philippines has launched, using Bitcoin to facilitate near-real time funds transfer to the country. Zinger, a startup initially servicing the Canadian-Filipino remittance corridor, has announced a partnership with local service Coins.ph. Now, banked workers in Canada can use the domestic payments provider Interac to pay for a Bitcoin transmission to a Coins.ph wallet, which may be cashed out at a range of Philippines locations. Lorne Lantz, creator and CEO of Zinger, told CoinTelegraph that he came onboard with Coins.ph, one of a considerable....