TEMPO Money Transfer and Coins.ph, announce a partnership to provide faster, more affordable remittances from Europe to the Philippines using the Stellar network
TEMPO and Coins are incorporating the blockchain technology through the Stellar network to make their transfers faster and more affordable. Through this new technology, funds can be moved from 3–5 seconds. “The Distributed Exchange and Settlement mechanisms built into the Stellar network will revolutionize remittances. Stellar provides inexpensive transactions at 100,000 per penny in a secure P2P (‘peer to peer’) environment.“ Said Anthony Barker, TEMPO’s CTO.
Through this partnership, Overseas Filipino Workers (OFWs) in Europe can use TEMPO’s online money transfer service to send remittances to their families in the Philippines. By using the Account Transfer option and selecting Coins.ph, OFWs’ families can use the remittance to instantly pay bills or buy prepaid mobile credit online via the Coins.ph mobile app.
About 10.23 million Filipinos work abroad, which is about 10% of the Filipino population. Most of these workers send money to the Philippines to help their families and loved ones pay utility bills for electricity, water, phone, or school tuition.
This involves a 2-step process. The first step is to send money to the Philippines through a cash pickup or bank transfer. The second step is to ask the receiver to cash out the money and fall in line in the payment centers of utility companies.
By sending remittances through TEMPO and using Coins.ph to receive it, Filipinos can avoid the long lines at payment centers and instantly pay their bills using their smartphones.
Jeff Phaneuf, the President of TEMPO stated that, “We have received a great demand from our Filipino customers to create a new service for paying local bills, which is why we have decided to launch this new service with Coins.ph. Thanks to this, our customers now have a fast and convenient way of paying their bills from abroad. The first step is to create a TEMPO online account and a Coins wallet. Then, send money to their Coins wallet and from there, pay their local bills.”
TEMPO customer Rita says, “I use Coins.ph from my favorite TEMPO agent in Paris. I use it to pay for my SSS- social security system OFW, internet bills, electricity bills or tuition fee. I highly recommended to the Filipino people kabayan who live in Europe.”
Pay your local bills abroad from your smartphone!
The Coins.ph application with TEMPO offers financial services operating in the Filipinos, usable even without bank account. The Filipinos living abroad can use their mobile phone to pay their bills and send money to their family without moving. Add your money to your coins account easily and securely using TEMPO — using card at tempo.eu.com, sofort from Germany or using Cash from one of our 280 agents in France and Germany.
Your invoices in a few clicks
With Coins.ph and TEMPO, you can pay your invoice anytime and anywhere. The application allows you to pay bills to over 80 + billers in a wide range of industries (such as Meralco, Globe, Manila, Water and more).
A financial contact with your loved ones
Add money to your Coins.ph account using TEMPO and the stellar.org network. The stellar.org blockchain technology means that your funds are available for you in the Philippines faster, more securely and online for almost free.
About Coins.ph
Coins.ph is Southeast Asia’s leading mobile blockchain-enabled platform. Since 2014, Coins.ph has helped over 2 million Filipino customers to easily access financial services directly from their phone. Using Coins.ph, customers have access to a mobile wallet and services such as remittances, bill payments, and digital currency purchases. Coins.ph is registered with the Bangko Sentral ng Pilipinas as an Electronic Money Issuer (EMI), a Remittance and Transfer Company (RA) and a Virtual Currency Exchange (VCE — as stellar or bitcoin). The Coins.ph app is available on Android and iOS.
For more information: https://coins.ph/
About TEMPO
Founded in 2014, TEMPO Money Transfer is an EU-licensed, electronic payment services provider, headquartered in Paris, France. The company provides fast and inexpensive remittances online to nearly 100 destination countries.
For more information: https://tempo.eu.com
Media contact: Patricia Marcos, Digital Marketing Manager: pmarcos@tempo.eucom
Victoria Nguyen, PR, vnguyen@tempo.eu.com
