In a media release posted on their website, Coins.ph said this integration would enable their 5 million customers to do both local and international transactions as the e-wallet provider taps into Western Union’s digital network that includes over 60 countries.
“There are many overseas Filipino workers who send money back home regularly and are always looking for additional remittance options that will make it most convenient for their loved ones to receive money,” said Coins.ph co-founder and CEO Ron Hose. “By pairing Coins.ph’s payments technology with Western Union’s expansive global network, we are giving Filipinos a seamless choice to receive money digitally, on the go.”
Western Union, for its part, said this move would especially benefit those living in areas that do not have ready access to physical money transfer offices.
“Over the years, Western Union has fueled innovation centered around the needs of customers, giving them their choice of channels, currencies, access and opportunities to connect with family and friends around the globe,” said Senior Vice President & General Manager, Global Money Transfer, Asia Pacific, Western Union Molly Shea. “With this collaboration with Coins.ph, we are delighted to offer customers in the Philippines with an unmatched depth of services and capabilities, and convenience right at their fingertips.”
This partnership is welcome news for many Filipinos. In 2018, the Philippines became the third world’s highest recipient of remittances according to a report from World Bank. In that year alone, remittances breached the Php 1 trillion mark, an increase of 8.5 percent as compared to the previous year. World Bank projects that trend will continue well into 2019 and beyond.
To receive Western Union money transfers via Coins.ph wallet, customers must first download the app and be ID and Selfie verified. Once that’s covered, sender courses money through the usual Western Union transfer route. Receiver then enters reference number and amount in Coins.ph app and the transfer is completed.