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Editing by Nathaniel Cajuday
To further advance its steps for financial inclusion in the Philippines, digital wallet provider and crypto exchange platform Coins.ph announced the launch of its “Pay with QR” service on its platform which is a new feature that will allow Coins Wallet users to make convenient cashless payments to merchants and businesses throughout the country.
“We are very excited to launch our new Pay with QR feature on the Coins Wallet, a service which will make everyday transactions easier not only for our users, but also for millions of small business owners across the country,” said Coins.ph Chief Executive Officer Wei Zhou.
The fintech firm has integrated and is now compatible with the QR Ph standard, the national QR-based payment system developed by the Bangko Sentral ng Pilipinas (BSP). QR PH is based on the Europay-Mastercard-Visa (EMV) system, which is considered the gold standard internationally for fast and secure payments.
Zhou highlighted that the further adoption of cashless payments is “a major enabler for financial inclusion because it opens up a whole new world of opportunities for marginalized communities that have previously lacked access to formal banking solutions.“
“We are proud to throw our support behind QR Ph, a great initiative from the Philippines’ Central Bank that we believe will accelerate digital adoption by providing a unified national standard for QR code payments. We will continue to play our part by working closely with the local governments to push the Philippines into the digital payments age,” he added.
According to the firm, the integration of the QR Ph system will allow merchants and small business owners to display a single QR code that is compatible with multiple digital wallets, including Coins.ph.
“QR Ph codes are already in use at large nationwide chain outlets like Jollibee, and Coins has expressed its interest in working with the BSP and local governments to accelerate their adoption in places like public markets, sari-sari stores, motorized tricycles, and other small businesses. With almost 80% of payments in the Philippines still made in cash, there is ample opportunity for digital tools to help local businesses operate more efficiently and boost local economies,” Coins highlighted in a statement.
To advance its mission to serve as the gateway between the worlds of Web2 and Web3–including the utilization of both cryptocurrency and fiat money as part of everyday transactions— Coins.ph highlighted that the integration of Pay with QR represents a significant expansion of payment options for Coins’ 18 million plus users.
How to Pay with QR:
- Step 1: Head over to your Coins wallet and tap on “Pay with QR”
- Step 2: Scan the QR code displayed by a participating merchant.
- Step 3: Enter the payment amount to complete the transaction instantly.
Accordingly, the firm is encouraging Coins Wallet holders to explore this new payment option by running a limited-time promotion that will allow both new and existing users to earn free Bitcoin rewards for using the Pay with QR feature.
Details, terms, and conditions are available at https://coins.ph/blog/coins-qr-launch/
Other Coins.ph Launch
Recently, Coins.PH finally launched its game center “Coins Arcade,” which will enable its users to play and earn using their Coins app. The game center was first introduced by Zhou during a conference in Conquest 2022 last July. Coins Arcade will help the firm bridge Web2 and Web3 gaming to their users where they can play to earn tokens.
Last month, the fintech firm also released Coins Trade Desk, a premier service for high net worth and volume users and traders that enables them to trade virtual assets at a lower spread within minutes. Settlement in the trading desk will only be done via the user’s registered Coins.ph account and it will not send cryptocurrency to an external wallet address, or deposit/transfer PHP to any other bank account or e-wallet.
Accordingly, Coins also opened their order book crypto trading platform Coins Pro for everyone—it was priorly accessible via invite-only policy.
In a statement, Zhou noted how cryptocurrencies have the potential to “unveil a new era of financial inclusion in the Philippines and make payments and remittances inexpensive and accessible for all.” According to him, the country is rising from being a global crypto hub.
This article is published on BitPinas: Coins.ph Launches “Pay with QR” to Speed Adoption of Cashless Payments for Everyday Transactions
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.