Money transfer giant Western Union has partnered with the Philippines leading e-wallet provider Coins.ph. As a result, more than five million customers are now able to receive international and domestic money transfers directly into their Coins.ph wallets in the Philippines.
— Western Union (@WesternUnion) April 8, 2019
According to the announcement, the integration of the Coins.ph blockchain-enabled platform and Western Union’s cross-border platform allows Filipinos to receive and hold international money transfers initiated from Western Union’s digital network in more than 60 countries and retail network in more 200 countries and territories.
The Philippines represent one of the leading remittance-receiving countries in the world. As Coins.ph co-founder and CEO Ron Hose said, about 10 million Filipinos work or live abroad. According to World Bank statistics, in 2017 remittances to the Philippines made up $32.8 billion or 10.5% of GDP. Last year, registered remittance inflows accounted for $34 billion.
Ron Hose commented:
“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.phs payments technology with Western Union’s expansive global network, we are giving Filipinos a seamless choice to receive money digitally, on the go.”
To use the new service, customers have to register for Coins.ph wallet, give their valid ID, and complete electronic Know Your Customer (KYC) procedures. It is notable that a consumer wallet capacity will be limited by Coins.ph to 100,000 Philippines pesos per month (about $1,907).
With Western Union, that has 12,000 agent locations in the Philippines, cross-border transfers will become easier and cheaper, as using Western Union via the internet costs less than going into an agent.
Molly Shea, SVP & General Manager, Global Money Transfer, Asia Pacific, Western Union, commented on the partnership:
“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. 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 Adopts Blockchain
Western Union Company is an American financial services and communications company and the world’s leading operator of cross-border and cross-currency money transfers. In February, the company started testing Ripple solutions to provide its settlement services. As we reported, the company had long been exploring xRapid and considered it a good means to make speedy cross-border payments.
In March this year, Western Union teamed up with Stellar (XLM) collaborator Thunes to allow its clients to transfer funds directly into recipients’ mobile wallets around the world. With this partnership, Western Union enabled the use of WU’s digital network or WU agent locations to transfer funds directly to the recipient’s mobile wallet. Expanding its functionality, Western Union provided financial services to those who are not supported by common financial service providers and improved financial integration globally.