FINANCIAL TECHNOLOGY company Coins.ph announced its partnership with remittance firm Western Union, allowing its users to receive money in their electronic wallets.
In a statement on Thursday, the e-wallet provider said it has collaborated with Western Union to enable over five million Coins.ph wallet holders to receive funds from the remittance firm.
“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,” said Ron Hose, Coins.ph co-founder and chief executive officer.
Coins.ph wallet owners can receive funds remitted via Western Union by inputting the unique tracking number and expected remittance amount. Clients can receive up to as much as P100,000 or roughly $1,907 per month, the maximum wallet capacity.
Senders can remit their money straight to Coins.ph wallets through Western Union’s 550,000 agent locations in over 200 countries and territories, as well as its online platform available in more than 60 countries.
“With this collaboration, we are proud to serve their families back home with even easier access to our suite of services and maximize positive impact on communities in the country,” Mr. Hose added.
“Filipinos worldwide and at home work hard and send money to help their families and to make a positive change within their own communities. Through our digital services, we are connecting more people than ever before,” Jeffrey Navarro, Western Union country director for the Philippines, said.
“Our collaboration with Coins.ph will provide flexibility and convenience for customers right at their fingertips.”
Cash sent home by Filipinos working abroad increased by 4.4% to $2.484 billion in January from a year ago. Including transfers in kind other than cash, personal remittances grew 3.4% to $2.745 billion in January.
Remittances, which account for roughly 10% of the country’s economy, fuel household spending, which in turn has long been a key driver of overall economic expansion.
Coins.ph, operating under its corporate name Betur Inc., offers financial services such as remittances, mobile wallet and bills payment among others. It is also licensed by the central bank as a virtual currency exchange.
It recently partnered with UnionBank of the Philippines, Inc. to launch the country’s first bank-operated and two-way virtual currency automated teller machine located in the lender’s digital branch The ARK in Makati City. — K.A.N. Vidal