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Payments General

Western Union, Coins.ph team up for cross-border remittances

Tuesday 9 April 2019 | 11:02 AM CET

Western Union has signed an agreement with the Philippines-based e-wallet provider Coins.ph to enable Filipinos to conduct cross-border money transfers.

As part of the collaboration, the company will integrate the Coins.ph’s blockchain-based platform into its cross-border platform, enabling users in the Philippines to receive and hold international money transfers directly into their Coins.ph wallets.

According to Cointelegraph, prior to using the services, customers have to register for Coins.ph wallet, provide a valid ID, and pass electronic KYC procedures. In addition, Coins.ph will limit a consumer wallet capacity to PHP 100,000 per month (around USD 1,907).

According to the World Bank’s Migration and Remittances Brief 30, the Philippines represent one of the leading remittance-receiving countries in the world, with over USD 34 billion in inflows registered in 2018.

More: Link
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