Western Union Company, the American financial services company, collaborates with a Philippines-based e-wallet provider Coins.ph to allows Filipinos to conduct cross-border money transfers. The news was shared through a press release published on April 3.
Purportedly, Western Union will integrate the Coins.ph blockchain-based platform into its cross-border platform and allow Philippine-based users to receive and hold international money transfers directly into their Coins.ph wallets.
Prior to availing the new service, interested users would have to register for Coins.ph wallet. The registration would include providing a valid ID, and pass electronic Know Your Customer (KYC) procedures. Furthermore, the report notes that Coins.ph will employ a limit to consumer wallet capacity of up to 100,000 Philippines pesos per month (about $1,907).
Philippines is counted amongst the leading remittance-receiving countries in the world, according to the World Bank’s Migration and Remittances Brief 30. The country’s inflows registered in 2018 was over $34 billion.
As per the release, over five million Filipinos hold Coins.ph wallet, while Western Union has more than 12,000 agent locations in the country. Just last month, Western Union partnered with Stellar (XLM) collaborator Thunes, the collaboration will enable the WU clients to transfer funds directly to mobile wallets globally.
At the time Western Union emphasized that the step is aimed at driving financial inclusion globally by easing financial access for the underbanked and anyone currently not supported by traditional financial service providers.
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