In what could be the pleasing announcement, Zinger, a startup initially servicing the Canadian-Filipino remittance corridor, has announced a partnership with local service Coins.ph to provide the local population, instant remittance. Thus, technically, the first instant remittance service to the Philippines has been launched.
Nonetheless, using Bitcoin to facilitate near-real time funds transfer to the country which has huge number of expatriates working in the US and other advanced countries is going to be of great help. The announcement says that now banked workers in Canada can use the domestic payments provider Interac to pay for a Bitcoin transmission to a Coins.ph wallet.
The sent Bitcoin can be cashed out at a range of Philippines locations. Talking about the announcement, Lorne Lantz, creator and CEO of Zinger, said that he came onboard with Coins.ph, one of a considerable number of remittance-focused startups in the Philippines, due to their strong market presence in the country and further afield in Southeast Asia.
He was quoted saying that his company partnered with Coins.ph because they have the best Fintech product in the Philippines, and he knew that if they integrated with them, Zinger would be of high quality as well. He also concluded that every encounter he has had with their team has been extremely positive.
The Interac method for Safe and Secure Transactions
Bitcoin transactions are safe and secure; however, Zinger relies on the concept of Interac ‘pushing’ transactions by purchasing remittances in CAD, authorizing a user’s bank transfer and signaling a BTC transfer in Zinger. The company informs that funds arrive in the corresponding Coins.ph wallet in BTC, before being converted to peso to be cashed out as required.
The company also assures that there is complete security as the Interac method ensures that the sender only needs to share their personal payment information with their bank. Nonetheless, consolidating the BTC purchase and sale process into one step also takes away much of angst associated with traditional remittances; this is the best payment solution.
Lantz said that under the hood things get very complicated very fast, which an important problem his company solves is. He added that right now Filipinos sending remittances through Bitcoin have to buy their Bitcoin in Canada and then send it to coins.ph.
However, his company has streamlined that process for them and taken out the complexity of managing multiple exchange rates and multiple fees along the way.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org