Coins.ph is a mobile Bitcoin wallet tailored for the unbanked population in the Philippines

Year: 2013coins
Country: Philippines

  • Coins.ph was founded to use bitcoins as a means to provide cheaper and better financial services for millions of underbanked people in Asia.
  • To help the Filipino population that remains unbanked, Coins.ph proposes money transfers and bill-payment solutions based on a Bitcoin wallet. Thus, its mission is to accelerate financial inclusion in Southeast Asia thanks to Bitcoin blockchain technology and a mobile application.
  • By using the Coins.ph wallet, that money can be picked up at a retail store, or delivered door-to-door, or deposited into 24 different banks. No bank account is therefore needed.

Concept

  • Funding options: There are 4 ways to add funds to the account:
    • Send your Bitcoin from an external wallet to your Coins.ph Bitcoin Wallet
    • Place an “Add Money” order and drop the cash in retail store partners
    • Request for a payment from someone by sending a request form
    • Bank deposit
    • Online bank transfer
    • Remittance center (via DragonPay)
    • Earn rewards through missions and referrals
  • Payment options:
    • Cardless ATM Instant Payout (with CoinXpress)
    • Select any bank where you can conveniently get the cash
    • Turn my Bitcoin into cash
    • Other options (see here)
  • Business Model: It is a fee-based model. They charge a minimal fee of 1% (added to the Bitcoin price subtotal) to cover transaction costs on buy orders (more information here). However, they do not charge any transaction fees on cash-out orders.

Consumer Benefits

  • Inclusive: quick subscription, no minimum deposits, and no monthly fee.
  • User friendly:  the solution is fully mobile which allows anyone to access the service quickly with a simple smartphone.
  • Cheaper: the solution is more competitive than the local and traditional remittance banking services. Remitting using Bitcoin significantly lowers transaction fees.
  • Uber for banking: Coins.ph turns every Filipino with a mobile phone into an ATM.
  • No value fluctuations risk: the Peso Lock Wallet is  tied to a specific Peso value, using the current coins.ph sell rate. As long as you keep your Bitcoin in your coins.ph Peso Lock Wallet, you will be able to encash it for that amount.
  • Buy load: for any local network operator, you can buy load instantly. Moreover, you get 5% back on each load.

How To Use 

  • Placing an “Add Money” order
    • Create an “Add Money order” by choosing among different ways to cash-in (these options comprise 17,000+ locations nationwide).
    • Indicate the amount needed to cash in and where you want to deposit the money.
    • Make the deposit at the specified place.
    • The money is either received on the Peso Wallet, or on your Bitcoin Wallet.
  • Requesting for a Payment
    • Request a peer with his or her email address, mobile phone or Facebook account.
    • Coins.ph will send a payment to that person.
    • Once they’ve completed the form, the funds will be automatically credited to the Peso Wallet.
  • Sending Bitcoin from an external wallet
    • Choose your other Bitcoin wallet (ex. Coinbase, BitGo, Blockchain.info).
    • Send Bitcoin easily to your Coins.ph wallet simply by using your receiving address.
  • Earning rewards
    • You can earn both Peso and Bitcoin rewards by completing various missions and referring your friends to use Coins.ph.

Illustration

https://www.youtube.com/watch?v=QWrabfpLPdc
 

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