Philippines-based exchange Coins.ph Releases Mobile Bitcoin Wallet App

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Philippines-based exchange Coins.ph Releases Mobile Bitcoin Wallet App

To provide mobile Bitcoin wallet, Philippines-based exchange Coins.ph has come up with a solution for the local users. The company says that it has released a mobile Bitcoin wallet app with features that are aimed squarely at emerging market use cases. It also has standard wallet functions for users.

Nonetheless, in the announcement to media the company said that 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. Thus, it has aimed to provide comprehensive solution for Bitcoin users in Philippines.

In his statement to media Coins.ph 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. He said that with Bitcoin wallet, customers enjoy similar perks to those they would get from having a bank account, minus the barriers for setting one up.

Hose further added that as his company has kept Coins.ph wallet free, it is expected to fetch far more number of customers that it would have otherwise been. The company believes that 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.

Philippines Has Huge Remittance Market That the Company Wants to Cash In

According to the company now 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. Also, some processors which are generally the most expensive will deliver cash door-to-door, others allow for customer pickup.

The company believes that easy availability made possible with the help of 5,000 retail locations that will help customers buy or sell their Bitcoins, will make it even more popular. Now, customers won’t need to be in hassle while sending money from overseas as they send Bitcoins directly from an existing balance or perform a cash-to-cash remittance.

Nonetheless, a user can initiate the remittance in-app and deposit cash in any Bitcoin ATM around the world. Also, as 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, the company expects that it will be able to cash in the scope available in the remittance market in Philippines.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com