Coins.ph Partners with Circle for Faster Peso Payments
Coins.ph has teamed up with Circle Payments Network to improve cross-border payments in the Philippines, offering lower fees and faster access to funds.
Coins.ph, a leading financial services platform in the Philippines, has announced its partnership with the Circle Payments Network (CPN). This collaboration aims to facilitate quicker and more affordable cross-border payments into the country for various users, including businesses and individuals. As a beneficiary financial institution on the CPN, Coins.ph will enable payouts through its extensive network of over 120 local banks and e-wallets, ensuring seamless transactions in Philippine Pesos (PHP).
The integration with CPN is designed to modernize how money flows into the Philippines. With this new system, financial institutions can expect near-instant settlements and direct distribution of local currency via Coins.ph. This is particularly beneficial for Overseas Filipino Workers (OFWs) and their families, as well as local enterprises, as it translates to lower transaction fees and competitive foreign exchange rates. Users will also receive real-time updates on their payment statuses, enhancing transparency throughout the process.
Wei Zhou, CEO of Coins.ph, emphasized the significance of this partnership, stating that it makes the Philippine Peso a fundamental part of the global internet economy. He noted that this integration is a step towards reducing the costs and delays typically associated with traditional cross-border payment systems, while also increasing the speed and reliability of local payouts.
Irfan Ganchi, Senior Vice President of Product Management at Circle, echoed this sentiment, highlighting that Coins.ph's role in enabling PHP payouts through CPN strengthens the local payment capabilities in one of Southeast Asia's most vibrant markets. This move supports a shared vision for a more inclusive and interconnected financial ecosystem.
For Filipino crypto users, this development is promising. It could mean lower fees and faster access to funds, especially for OFWs sending money home. As the local market continues to evolve, partnerships like this one are crucial for enhancing the overall experience for Pinoy traders and consumers alike. With these improvements, the future of digital payments in the Philippines looks bright.
