The Philippines’ international remittance market is well known for its innovation, and the latest contributors to that tradition are Bitcoin wallet apps. The newest app has just been launched by local outfit Coins.ph, according to Coindesk.
In addition to remittance payments, the new Android app enables users to sell and buy Bitcoins through a number of channels, top up prepaid mobile phones and pay bills.
The remittance service works by converting a user’s Bitcoins into Philippine pesos.
Past innovation in the country’s money market came from Globe and Smart, the two leading operators which enabled remittances to be sent and received via mobile handset.
Coins.ph is not the first Bitcoin player into this particular market. Rebit.ph and Buybitcoin.ph are also pursuing it.
With the Coins.ph app, users can select the outlet where they want to collect their remittance payments. Options include home delivery, as well as being sent to their Globe GCash or Smart Money Card.
Acting as an alternative to the incumbent money transfers — which are perceived as overpriced — is increasingly seen as a major potential market for Bitcoin.