The coins.ph bitcoin exchange has partnered with MetroDeal and CashCashPinoy which are two companies based in the Philippines. This effects an area where 95 million people do not have access to a credit card to purchase goods online. The addition of MetroDeal and CashCashPinoy will allow these people to shop with thousands of brick and mortar stores and have access to goods that were previously unavailable to them. This development will allow consumers without the access of credit cards to participate in the global Bitcoin economy. Coins.ph allows users to acquire Bitcoin without having a bank account or credit card. Users can simply make a cash deposit to the company, and the coins will be released to their wallet once coins.ph has confirmed receiving the payment. The addition of these two companies will greatly increase the accessibility of quality products to millions of citizens. Bitcoin can be used by these citizens to acquire goods that were previously unavailable to them. This partnership can potentially allow 95 million citizens to purchase goods and participate in the global economy.
coins.ph is based in Silicon Valley and was founded by Ron Hose. Hose explained his reasons for the partnership:
“Less than five per cent of people in SEA have payment cards. The low penetration of payment cards means that most e-commerce transactions are still settled by cash, and require additional infrastructure on behalf of the e-commerce company, in addition to inherently being more cumbersome. Coins.ph addresses both of these pain-points by allowing merchants to seamlessly accept Bitcoins for order fulfillment”
Hose wants to improve the lives of those who were previously unable to participate in the global economy, or purchase goods online. Bitcoin is a great alternative for these people because they can trade with very small transaction fees, and make transactions instantly with just a computer and internet access. Coins.ph allows users to purchase Bitcoin in their national currency, they do not have to trade in their own currency for USD or any other currency in order to trade, which is very convenient for them. MetroDeals offers thousands of deals in both items and opportunities to eat at restaurants and stay in hotels. CashCashPinoy offers similar deals. Together, both websites create a network of over 10,000 brick and mortar businesses in which citizens without out credit cards previously did not have access to. Coins.ph is not worried about the Philippine central bank’s announcement which deterred citizens to use Bitcoin by explaining the risks to them. Hose is not worried about the announcement and the popularity of coins.ph is growing quickly. Citizens are ecstatic to gain access to goods and services which they could not previously order online.
Bitcoin makes instant payment anywhere in the world possible, and very quick. Transactions take seconds and cost close to nothing. Bitcoin allows users who did not have access to credit cards to participate online in a way they never have been able to before. The ability to make payments in Philippine currency make it even easier for almost anyone to get involved in the market.
Last modified: March 20, 2014 14:22 UTC