Western Union cooperates with E-Wallet Coins.ph for cross-border money transfers

3 min read

American financial services company The Western Union Company has partnered with the Philippines-based e-wallet provider Coins.ph to enable Filipino & # 39; s to carry out cross-border money transfers. The development was announced in a press release that was published on 3 April.

Within the partnership, Western Union will most likely integrate the Coins.ph blockchain-based platform into its cross-border platform, allowing users in the Philippines to receive and hold international money transfers directly in their Coins.ph wallets.

Prior to using the new services, customers are reported to register for Coins.ph wallet, provide a valid ID and pass on electronic Know Your Customer (KYC) procedures. The release further states that Coins.ph limits a wallet for a consumer to 100,000 Philippine Pesos per month (approximately $ 1,907).

According to the World Bank's Migration and Remittances Letter 30, the Philippines represents one of the world's leading transfer countries, with an inflow of more than $ 34 billion registered in 2018. The release is that more than five million Philippino & # 39; s Coins .ph-wallet, while Western Union has more than 12,000 agencies in the country.

Last month, Western Union worked with Stellar (XLM) employee Thunes to enable the company's customers to transfer money directly to mobile portfolios worldwide. Western Union then emphasized that this extensive functionality aims to promote financial inclusion globally by simplifying financial access for under-brokers – and anyone who is not currently supported by traditional financial service providers.

Earlier this month, the central banks of Myanmar and Thailand approved the Ethereum (ETH) -based transfer system developed by the blockchain company Everex. Veerathai Santiprabhob, Governor of Thailand's central bank, reportedly said: "This project is an important step forward for more than 3 million employees in Thailand who may not have used secure channels so far."

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Written by

Don Bradman

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