PDAX Powers PYUSD to Peso Conversions in PayPal, Cebuana Lhuillier Partnership
Editing and additional reporting by Michael Mislos.
The Philippine Digital Asset Exchange (PDAX) is facilitating the seamless conversion of PayPal USD (PYUSD) into Philippine pesos as part of a new partnership between global financial firm PayPal and local financial giant Cebuana Lhuillier.
The initiative, which integrates PayPal’s Xoom service, aims to offer faster and more affordable cross-border remittance options for Filipinos.
What’s the significance: This collaboration, with PDAX providing the backend, highlights a shift toward blockchain and stablecoins in remittances, promising reduced costs and improved accessibility.
Key details:
- Cebuana Lhuillier is leveraging PDAX to convert PYUSD into pesos for efficient settlement of cross-border transactions.
- PayPal’s Xoom service supports the transfers, with funds disbursed through Cebuana Lhuillier’s network of 3,500 branches and 25,000 agent locations or directly credited to bank accounts.
Key quotes
“PayPal’s payment services, our extensive rails with PDAX and Philippine banks, and our vast network of physical touchpoints enable us to deliver to last mile areas that are in need of support… With this upcoming collaboration, we’ll continue to drive financial inclusion and help more Filipinos.”
Jean Henri Lhuillier, President and CEO, Cebuana Lhuillier
Meanwhile, Jose Fernandez da Ponte, PayPal’s SVP of Blockchain and Digital Currencies, emphasized that cross-border transactions drive economic growth in developing countries.
- He highlighted how Xoom, alongside partners like Cebuana Lhuillier and Yellow Card, will use PayPal’s blockchain-based payment technologies to enable seamless and efficient international money transfers.
Zooming out:
- PDAX also powers GCash’s GCrypto platform, which recently supported the Solana-based version of PYUSD.
- Initially offering PYUSD on Ethereum, PDAX switched to Solana last June.
- PYUSD first became available in PDAX November of last year.
This is not the first time Cebuana Lhuillier has looked into blockchain for faster and cheaper remittances. Check out our articles to learn more.
This article is published on BitPinas: PDAX Powers Cross-Border Remittances with PayPal and Cebuana Lhuillier
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