December 21, 2020 — Boxing champion and Senator Manny Pacquiao’s new payment platform dubbed ‘PacPay’ will be launched in 2021, his company Pac Technologies said in a statement. The platform aims to offer a more convenient and safer financial transactions for global influencers and fans globally.
On its official website, PacPay will have options for users to buy, sell, and pay digital assets at merchant outlets around the world. Cash out will be facilitated through ATMs globally.
PacPay is expected to have features that allow users to swap their cryptocurrencies with other tokens and even stake their crypto, earn rebates on sending, and receive airdrops. Bitcoin, Ethereum, Tether, and Pac Coins are listed as the tokens that can be deposited and withdrawn.
Users will be able to earn loyalty points to redeem rewards such as autographed merchandise while also getting the chance to be invited to celebrity programs with “money cannot buy” experiences.
Finally, PacPay’s website said users will be able to send digital assets anywhere around the world using just the recipient’s mobile number.
Pac Technologies partnered with Remsea, a Singapore-licensed fintech remittance firm to further both companies’ initiatives in the fintech space in Asia.
According to Sean Wong, CEO of Pac Technologies, the current unprecedented growth in the global payments landscape is an incredible opportunity for the company to enter the regional market. “We are excited to work with Remsea to add value and enhance our product range by offering prepaid debit cards to the global fans of Sen. Pacquiao,” Wong said in a press release.
Sen. Pacquiao also said a portion of PacPay’s proceeds will be used to subsidize charity projects in the country, ABS-CBN reported.
PacPay will be part of an ecosystem that includes Pac Coin, the senator’s own cryptocurrency that aims to allow fans to use it to buy signed merchandise as well as purchase time to interact with him on social media. Pac Token is listed on Singapore-headquartered cryptocurrency exchange GCOX and Philippines-based Coex Star. In an interview, GCOX told BitPinas that it plans to form strategic partnerships with established companies to expand its ecosystem. One such deal is partnership with local virtual currency exchange companies to list Pac Coin.
GCOX first announced Pac Coin in 2018 as a way to purchase exclusive Team Pacquiao content and merchandise. It finally launched via a major Manny Pacquiao concert in August 2020. In the subsequent interview, GCOX said Pac Coin is a utility token for fans of the boxing champion to connect with him anywhere. “Pac Token is not for speculation but for utility,” GCOX mentioned to BitPinas.
The PacPay announcement comes at a time when the mobile payments space is experiencing tremendous growth brought about by the “new normal” amid a COVID-19 pandemic. With the year about to end, expect developments and announcements from PacPay early in 2021 including the necessary licenses it needs to operate an app with virtual currency or cryptocurrency features.
This article is published in BitPinas: Manny Pacquiao’s Fintech App ‘PacPay’ to Launch in 2021 with Crypto Swapping