Coins.ph, a local digital asset platform in the Philippines, has broadened its QRPh crypto payment feature to include Bitcoin (BTC) and Ethereum (ETH). With this enhancement, users can transact at around 700,000 QRPh-enabled merchants across the country.
Innovative Payment Solutions for Filipinos
The future of crypto adoption will be driven by utility. By expanding QRPh crypto payments to Bitcoin and Ethereum, we’re making digital assets practical, accessible, and relevant to everyday Filipino life.
Wei Zhou, CEO of Coins.ph
This payment system utilizes QRPh, the national QR code standard introduced by the Bangko Sentral ng Pilipinas (BSP), which simplifies the conversion of cryptocurrencies to Philippine pesos during transactions.
In case of transaction issues, the system is designed to reverse asset conversion automatically, ensuring that refunds to merchants are issued in pesos.
- Supports Bitcoin and Ethereum
- Available at 700,000 merchants
- Automatic peso conversion at point of sale
The Philippines has emerged as a significant player in the digital asset market, boasting over 15 million cryptocurrency users and an impressive annual remittance volume of approximately $38 billion.
Targeting the Remittance Market
Coins.ph aims to capture the Overseas Filipino Worker (OFW) remittance market, which often incurs fees between 3% and 5%. Users can now retain funds in stablecoins like USDT or convert them directly to pesos through their mobile devices.
The platform also acts as an infrastructure layer for business-to-business transactions and remittance groups, facilitating economical cross-border transfers, especially over weekends and holidays.
Currently, Coins.ph operates cross-border mechanisms in several countries, including Thailand, Brazil, and Mauritius, with plans to expand to Hong Kong soon.