More than just paying the bills

Disclaimer: This article was published last August 5, 2018 link:

Now with over 5 million users, is now the country’s leading digital payment platform

Southeast Asia’s leading mobile blockchain-enabled platform, Coins enables anyone, especially those without bank accounts, to easily access financial services directly from their phone or via the web. CEO Ron Hose Photo from Facebook

Founded in 2014 and initially known for its bitcoin services, today, is the leading digital payment platform in the Philippines. “Using Coins, customers have access to a mobile wallet and services such as buying load, paying bills, buying game credit, loading beep cards, sending remittances, and buying and selling bitcoin and ethereum,” Coins CEO, Ron Hose shared. It also became the first blockchain-backed financial services platform in Asia to have received both a Virtual Currency Exchange and Electronic Money Issuer from a Central Bank regulator.

All about convenience

This past year alone, Coins has launched several partnerships and products, adding convenience to its growing customer base. In March, Coins announced its partnership with AF Payments, allowing customers to load their beep card through Coins using an NFC-enabled Android phone, saving Coins commuters time in their daily travel. In May, it announced that it was adding a bitcoin cash (BCH) wallet to their platform. This has since then been fully rolled out, in addition to the bitcoin (BTC) and ethereum (ETH) wallets which were available previously.

In June it launched cash-ins via Bayad Center and just last month they launched their partnership with Palawan Pawnshop. “We want to make financial services more accessible to Filipinos nationwide, even to the most remote areas. Our users can now cash-in to their Coins wallet at any Palawan Pawnshop and Palawan Express Pera Padala,” Ron pointed out.

Rapid Growth

Because of the warm reception in the Philippines, Coins has garnered more than 5 million customers estimated to be 10 percent of the adult working population in the country. “We try to let our figures speak for the impact of our platform” Ron further elaborated. Curiously, a rolling number kept on the front page of Coins website is how many years they have saved Filipinos from waiting in line to pay cash for things (right now it’s over 10 million hours).

Bright Future

As for the future of Coins, it plans to target 20 million customers by 2020, “banking penetration is pegged at 27 percent and we’re really pushing to match and exceed that. In our society, cash will always be king, but cash will become digital.” Coins expects a two to three year transformation period, especially in urbanized areas and look forward to completing more partnerships, growing with their customer base and cultivating the ecosystem they have built. “Ultimately, the goal is to continue to provide convenience and access to basic financial services,” Ron concluded.

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