Philippine remittance services take a significant step forward with Coins.ph's blockchain adoption.
In a bid to revolutionise the remittance industry in the Philippines, Coins.ph is positioning itself as a pioneer. The digital platform is aiming to streamline the remittance process, offering a more efficient and cost-effective solution for both businesses and individuals.
On the international front, Coins.ph has formed strategic alliances with Veem and BC Remit, positioning itself as a global player in the remittance sector. The company plans to expand its range of settlement options, with the addition of more stablecoin pairings slated for Q4 2023.
Stablecoins, digital equivalents of fiat currencies, play a crucial role in safeguarding the value of remitted funds due to their price stability. This feature could place Coins.ph at a competitive advantage in a remittance-dependent economy like the Philippines.
Traditional remittance processes are marred by inefficient fees, which range between 6% and 7%, and settlement times that can take up to five business days. Coins.ph's forward-thinking strategy could address these issues, offering a more cost-effective and speedy alternative.
To support distribution and usability across diverse user bases, Coins.ph has added domestic partners like Tala Financing, Pisopay, and Paynet. The company is also building local partnerships, including with DragonPay, a widely used Philippine payment gateway.
Coins.ph's engagement with Mastercard's Crypto Credential initiative and participation in Circle's Payments Network indicate a broader effort to integrate with global blockchain standards and settlement systems. This move could reshape the regional payments ecosystem by offering more inclusive and technologically advanced alternatives for both businesses and end users.
Customers often face hurdles such as limited banking hours and hidden fees embedded in exchange rates. Coins.ph's platform aims to directly tackle these challenges by offering services that are continuously available, lower in cost, and faster in execution.
The planned rollout of additional stablecoin pairings by Coins.ph is a significant step towards achieving this goal. The company's push into blockchain and stablecoins could potentially reshape the remittance landscape, offering a more efficient and cost-effective solution for the Philippines' remittance-dependent economy.
According to estimates, the country's remittance inflows are expected to reach approximately USD $38 billion in 2024. With Coins.ph's innovative approach, the company could play a pivotal role in shaping the future of the remittance industry in the Philippines and beyond.
DragonPay's leadership in the Philippine payments sector suggests that this collaboration is part of a broader objective to introduce modern remittance methods that reduce delays and fees while making financial services more accessible to underserved populations. As Coins.ph continues to expand and innovate, it is poised to make a significant impact on the remittance industry, offering a brighter future for both businesses and individuals.
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