Western Union (WU) has partnered with Philippines-based e-wallet provider Coins.ph to enable Filipinos to make cross-border transfer of money Cointelegraph reports.
The collaboration means that WU will integrate the Coins.ph blockchain into its existing cross-border payments system and this will allow users in the Philippines to receive and hold international money transfers directly into their Coins.ph wallets.
To register for the service, users will need to register for a Coins.ph wallet, provide valid ID and pass an electronic KYC procedure. The press release also notes, “Coins.ph will limit a consumer wallet capacity to 100,000 Philippines pesos per month (about $1,907).”
The Philippines is a world leader in receiving cross-border remittances, largely due to the number of Filipinos who work overseas and send money back to their families. According to the World Bank remittances to the value of over $34 billion were sent to the country in 2018. The press release notes that over five million Filipinos hold Coins.ph wallet, while Western Union has more than 12,000 agent locations in the country, indicating the importance of the market to WU.
WU has also partnered with Thunes and Stellar (XLM) in recent months so that the company’s clients can transfer funds directly to mobile wallets globally. WU stressed that this expanded functionality aims to drive financial inclusion globally by easing financial access for the underbanked — and anyone currently not supported by traditional financial service providers.