Receiving money from abroad is now faster and more easier, thanks to Western Union’s partnership with Philippine fintech startup Coins.ph. The deal allows Coins.ph users to receive money via Western Union using the Coins.ph app.
Recently acquired by Indonesian ride-hailing firm Go-Jek, Coins.ph announced that it will integrate Western Union into its app, allowing its five million users to collect money from abroad without going to a Western Union outlet. Coins.ph users can then use the money to pay bills, buy cellphone load, shop for items online, or transfer funds to another Coins.ph user.
Coins.ph users can receive money via Western Union by entering the tracking number (MTCN) and expected remittance amount. Funds are instantly credited to the user’s Coins.ph wallet. Customers can receive up to P100,000 a month, which is the maximum Coins.ph wallet capacity.
To receive Western Union money transfers using the Coins.ph app, first-time users will have to register for a free account, submit a valid ID, and undergo an electronic “know your customer” verification process.
“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,” Coins.ph founder and CEO Ron Hose said. “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.”
“There are an estimated 10 million Filipinos working or residing overseas. With this collaboration, we are proud to serve their families back home with even easier access to our suite of services and maximize positive impact on communities in the country,” Hose added.
The partnership doesn’t reduce Western Union fees, however, but Hose believes that the deal would benefit its customers in the Philippines. “Our mission is working with banks and financial service providers to bring services to people who don’t have access,” he said.
“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,” said Western Union’s Senior Vice President and General Manager for Global Money Transfer, Asia Pacific.
Last year, $34 billion was sent home by more than 10 million Filipinos overseas, making the Philippines the third largest market for international remittance after China and India. As such, the country is a lucrative hotbed for fintech companies such as Coins.ph, which competes with the likes of PLDT’s PayMaya and Alibaba-backed GCash.