The Philippines: remittance market eyed by mobile app

Monday 13 October 2014 14:34 CET | News, a Bitcoin-based exchange, has released a mobile Bitcoin wallet app which is designed to tap the remittances market, reports.

The Android-only app allows users to buy and sell Bbitcoin through various channels, top up prepaid mobile phones, pay bills and make mobile remittances by converting to PHP. The app’s remittance features are designed for both domestic and foreign citizens who want to convert Bitcoin to PHP. Users can select an outlet from the app’s list of banks and payment processors, with notes advising how much each charges in fees. Customers can walk into any of over 5,000 retail locations to buy or sell their Bitcoins.

Bitcoin can be sent overseas from an existing balance or perform a cash-to-cash remittance. A user can initiate the remittance in-app and deposit cash in any Bitcoin ATM around the world. The app provides a QR code for the ATM to scan, and PHP are delivered automatically to the preferred destination by the next business day.

The Philippines’ remittance market was worth around USD 23 billion of incoming transfers to the country in 2013 with an additional USD 30-USD 60 million sent domestically. users are not required to link their accounts to bank accounts to buy and sell Bitcoin. The Philippines is a country where 75% of the population remains ‘unbanked’ and no more than 5% have credit cards. says it is also developing a system for bill payments, allowing a family member in a country like Qatar or Canada to pay utility or tuition bills directly from the app or website for Philippines-based relatives.

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Keywords: Philippines, PHP, Bitcoin, remittances, money transfers, clustomers, domestic, foreign, currency, exchange
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3