Remittance and cash in Bitcoin

In the Philippines, the bitcoin exchange and remittance services company coins.ph a new service called "Instant remittance" in its list of options, which allows recipients to recover sent funds directly from bank ATM machines.

Using the company's mobile app, no matter where the customer is in the world, it is possible to store cash in a Bitcoin ATM and enable his friends or relatives to get the money immediately from the bank teller machine. In addition, customers can also directly from the coins.ph online wallet (coins.ph web wallets) In the bitcoin balance of a sum of money.

To make this possible, coins.ph began working with Egivecash services operated by the Philippine Security Bank (Philippines). Anyone, as long as you are receiving remittances through this service, you can extract the remittance from any of the 450 ATM networks in the Philippines and do not need an ATM card or bank account.

Reduce costs

Coins.ph's Ceo,ron Hose told CoinDesk that he believes the service is a leader in similar services around the world, and that he tested traditional remittance providers with 50 of billions of dollars in remittances, as a result of which the service can save 50% of its overall cost. Hose added that the company is working to expand its ATM spending network, but it will take time to complete.

"This process is dull because there is no one-sided adversary. (Other ATM networks offer only transactions based on bank cards) each consolidation takes more than 6 months, and there are different technical issues and other requirements waiting to be processed. That is to say, the benefits to customers are obvious, and we are committed to advancing this. ”

The new "ATM only" service provides round-the-clock service 24 hours a day, 7 days a week, and this service is free of charge for coins.ph wallet users.

How it works

To use the Coins.ph wallet service, customers simply use the wallet's remittance function when "where should we remit money?" "The ATM pickup/egive Cash option is selected under the column. The payee will then receive a text message containing a 16-digit reference number. At the same time a four-digit password will be delivered to the recipient by mail alone.

They can then enter their reference number, password and the exact amount of the remittance in any ATM machine that participates in the activity by pressing the carriage return and the "Egive Cash" button.

coins.ph need a level two verification account if they want to transfer money through egive cash. Under the "Know Your customer" and the anti-Money Laundering (KYC/AML) mechanism, this means that e-mail and IDs must be validated, and addresses and phone numbers are not required.

Every day, as long as the amount is between 500 Philippine peso (PHP) to 1000PHP (due to press when the exchange rate is 11.20 U.S. dollars to 223.80 U.S. dollars), any amount can be remitted, or monthly no more than 100000PHP (that is, 2235 U.S. dollars). This is due to the average monthly income of the Filipino people, whose income is about 280 dollars.

Emergency lifeline

Hose says the Philippines ' personal savings rate is among the lowest in the world. This means that in the event of an emergency, such as the 2013 earthquake and typhoons, it is vital that the local people get cash quickly.

Coins.ph's own customer survey shows that emergencies--including big disasters and personal family problems such as family health problems or large deficits--are one of the main reasons why overseas workers use the service to send money home, Hose said.

In addition to the bank's ATM, coins.ph has a network of more than 5,000 existing cash-receiving locations. The sender can also choose to remit the money to any branch of 24 different banks at no charge or to choose the door-to-door service. An additional option is to add money to a cash card or a mobile account.

Focus on Southeast Asia

Filipinos, who works overseas, remittances more than 24 billion dollars a year to the home, paying an average of about 8% of the agency's fees each. Coins.ph and its local rival, rebit.ph, have struggled to reduce these costs by using the almost cost-free international value transmission network of Bitcoin, the process being more efficient.

"Our first priority has been to provide facilitation and equal opportunities." We believe that everyone deserves financial services and should choose how to use their own money according to their own wishes, without having to endure high fees and some preconditions. ”

In 2013, Hose and Silicon Valley entrepreneur Runar Petursson established coins.ph in the Philippines. After clarifying the task of increasing financial inclusiveness in South-East Asia, the company recently opened a second business in Thailand called Coins.co.th.

Source: Gold Rating Media

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