Popular digital wallet Coins.ph announces its partnership with Palawan Pawnshop in a move to extend its cash-in network in the Philippines.
Coins.ph users can visit more than 2,500 Palawan Pawnshop branches across the country to add funds to their mobile wallets, made possible via Palawan Express’ Pera Padala. This adds another convenient way to transact with Coins.ph if other options, such as depositing through a bank, is unavailable to the user.
Palawan Pawnshop is located in key areas in the Philippines and is an alternative way to send and receive money in place of banks. It was founded in 1985 in Puerto Princesa, Palawan as a pawn brokering business. The money remittance business was inaugurated in 2003 between cities in Palawan before officially launching it to all of its branches the next year.
Alternative modes of remittances have sprung up in recent years to provide services to Filipinos who have trouble completing papers required by banks just to receive money or open a bank account. Moreover, services like Palawan Express are often in areas where universal banks cannot reach. As for Coins.ph, being a digital wallet allows it to be potentially installed in every smartphone in the Philippines and abroad. A person in Manila, with their Coins.ph app installed, can send money in the countryside, and the receiver can cash it out through Coins.ph partners, including Palawan Express.
“Our customers have been asking for more convenient ways to add funds to their digital wallets,” says Ron Hose, CEO of Coins.ph. “Together with Palawan Pawnshop and Palawan Express Pera Padala, we are making financial services more accessible to Filipinos nationwide, even to the most remote areas.”
While Coins.ph allows users to store and spend electronic money to pay for load and utilities through the app, it is also a cryptocurrency wallet, allowing users to buy and sell tokens such as bitcoin, bitcoin cash, and ethereum.
In a way, the partnership with Palawan Express allows users to have another convenient way to fund their Coins.ph accounts to buy crypto assets. Converting electronic cash to cryptocurrency is as simple as swiping a button within the Coins.ph app.
The options to store pesos electronically for usage, as well as convert these pesos to crypto, is made possible by two licenses that Coins.ph obtained from the BSP – the Electronic Money Issuer (EMI) license and the Virtual Currency (VC) license.