New Bitcoin Wallet App Targets Philippines Remittance Market

Coins.ph has built a mobile bitcoin wallet app with an eye on emerging market use cases, particularly Philippines remittances.

AccessTimeIconOct 13, 2014 at 9:24 a.m. UTC
Updated Sep 11, 2021 at 11:14 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Philippines-based exchange Coins.ph today released a mobile bitcoin wallet app with features the company says are aimed squarely at emerging market use cases.

As well as standard wallet functions, the Android-only app allows users to buy and sell bitcoin through various channels, top up prepaid mobile phones, pay bills, and even work as a mobile remittance service by converting to Philippines pesos.

 Coins.ph Android app main page
Coins.ph Android app main page

CEO Ron Hose said the intent is to provide simple solutions starting from the most basic, giving everyone a safe and convenient way to use their money.

"With our bitcoin wallet, customers enjoy similar perks to those they would get from having a bank account, minus the barriers for setting one up. Most importantly, keeping a Coins.ph wallet is free."

Sending money home

The app's remittance features makes it useful not just for the islands' residents, but also for the millions of Filipinos living in other countries around the world.

Users can select an outlet from the app's long list of banks and payment processors, with useful notes advising how much each charges in fees. Some processors (generally the most expensive) will deliver cash door-to-door, others allow for customer pickup.

 Choose from a wide selection of outlets for payments
Choose from a wide selection of outlets for payments

Customers can walk into any of over 5,000 retail locations to buy or sell their bitcoins.

To send money from overseas, it's possible to send bitcoins directly 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 pesos are delivered automatically to the preferred destination by the next business day.

Key market

The Philippines' remittance market is huge, with around $23bn-worth of incoming transfers to the country in 2013 and an additional $30-$60m sent domestically.

This has led to a focus on the country as a test bed for one of digital currency's most frequently-touted killer apps: the chance to side-step existing international transfer options.

At least three bitcoin startups are actively chasing the worldwide Filipino remittance market. As well as Coins.ph, competitors Rebit.ph and BuyBitcoin.ph are also adding features and building relationships with financial services businesses.

According to this TED presentation by economist Dilip Ratha, $413bn was sent in remittances worldwide in 2013 – about three times the total sent in foreign aid.

Banks optional

Unlike popular exchanges and apps in the developed world, Coins.ph users don't need to link their accounts to bank accounts to buy and sell bitcoin. This is particularly useful in a country where as much as 75% of the population remains 'unbanked' and fewer than 5% have credit cards.

High fees and long lines, Hose added, are the norm for those who can afford them least.

"Traditional banking will never reach these people, because the costs of operating branches, armored trucks, etc. are just too high to economically serve a customer whose savings rate is very low," Hose said.

"Digital currencies and mobile phones are cutting these costs down, and are going to change the landscape of financial inclusion globally."

Expansion plans

Coins.ph 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.

The company has plans to expand throughout Southeast Asia, hoping to tap into the region's 620 million unbanked population. Earlier this year it opened a second exchange, Coins.co.th, in Thailand.

The mobile app, Android-only at present, is available for download from Coins.ph or the Google Play store.

Philippines pesos image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.