Coins.ph, the locally licensed cryptocurrency exchange platform, has expanded its QRPh crypto payments feature to include support for Bitcoin (BTC) and Ethereum (ETH). The additional service allows customers to spend BTC and ETC at approximately 700,000 QRPh-enabled merchants nationwide, according to a company representative.
The integrated payment system uses QRPh, the national QR code system developed by the Bangko Sentral ng Pilipinas (BSP), to automatically convert digital assets into Philippine pesos at the point of sale. This release update follows the company’s integration of the stablecoins Tether (USDT) and USD Coin (USDC) into the national QRPh payment infrastructure.
Asset Conversion and Automatic Refund Reversal
The additional feature automatically processes the asset conversion and payment to the merchant in a single procedure at checkout. In the event of a transaction failure, the system reverses the asset conversion. In a company statement, Coins.ph said that successful merchant refunds are processed in Philippine pesos. Additionally, the company noted that additional tokens and integrations will be integrated into the payment platform in a planned future release.
As the Philippines remains a growing digital asset market, the expansion of the service comes at an opportune time. According to data provided by Coins.ph, the country has more than 15 million crypto users. Moreover, the Philippines records annual remittance inflows of $38 billion.
Cross-Border Transfers and Remittance
Coins.ph Global Marketing Director Amira Alawi stated during a company event that the platform is targeting the Overseas Filipino Worker (OFW) remittance market. OFWs are known to pay high traditional remittance fees, which typically range from 3% to 5%.
Alawi emphasized that the initial integration allows receivers to retain funds in USDT or convert them to Philippine pesos directly through the Coins.ph app on their mobile devices.
The Coins.ph representative also mentioned that the platform is serving as a backend infrastructure layer for traditional business-to-business (B2B) institutions and remittance groups to facilitate cheaper cross-border transactions on weekends and holidays.
The cryptocurrency platform currently operates cross-border mechanisms in Thailand, Brazil, and Mauritius, with an upcoming launch scheduled for Hong Kong. Coins.ph is working toward making the QRPh payment system available across borders.
“The future of crypto adoption will be driven by utility,” said Wei Zhou, Coins.ph chief executive, in a statement. “By expanding QRPh crypto payments to Bitcoin and Ethereum, we’re making digital assets practical, accessible, and relevant to everyday Filipino life.”
DOPAY Digital Wallets and Crypto Wallets
Compared to Coins.ph, DOPAY is a relatively new app. DOPAY, through its parent company WIBS PHP INC., is regulated by the Bangko Sentral ng Pilipinas (BSP) and has licenses as an Electronic Money Issuer (EMI) and as a Virtual Asset Service Provider (VASP).
Powered by blockchain technology, DOPAY provides payment, remittance, and financial accessibility through electronic money issuance with its E-Wallet and cryptocurrency exchange with its Crypto Wallet.
DOPAY is an easy-to-use and convenient app that safeguards your information and your money through the policies and procedures required by the BSP.
Though DOPAY has not yet launched a version of the app that allows point-of-sale payments to merchants using crypto, DOPAY does make it easier for families of Overseas Filipino Workers (OFWs) to receive remittances in the form of cryptocurrency. Through the global account features of the DOPAY app, OFWs can send cryptocurrency to the crypto wallets of their families in the Philippines. This allows the families of OFWs to save money on fees and to experience more convenience in the remittance process.
Download the DOPAY app today!
