More than 400 small businesses in the Philippines will now be able to accept and process Bitcoin payments, according to an initiative by the Bitcoin payment company Pouch.ph. Pouch.ph wants to redefine digital payments by focusing on the wide spectrum of retailers in the nation, from mom-and-pop shops to boutique hotels.
Pouch.ph provides quicker, more cost-effective, and user-friendly digital payment solutions by utilizing the Lightning Network, which is built on top of the Bitcoin blockchain. Using any Bitcoin wallet, customers can scan a retailer’s QR code for payment. Pouch.ph converts Bitcoin to Philippine pesos and transfers the funds to the retailer’s account.
Ethan Rose, CEO of Pouch.ph, highlights the limited payment options for small businesses in the Philippines. Credit cards often come with high fees of up to three percent, posing challenges for merchants. Pouch.ph aims to leverage the growing number of internet and smartphone users in the Philippines. The platform enables those without credit cards or local fiat currency to make convenient online or in-person transactions.
Positive Reception and Convenience in Philippines
Local companies in the well-known tourist hotspot of Boracay have already started accepting Bitcoin payments through Pouch. ph. Erielyn Gaston, owner of Kasbar restaurant, shared a positive experience after adopting Bitcoin payments. She noted that it has attracted more customers and boosted sales for her establishment. Marcel Selfer, manager of TIB Market, praised the convenience of a fast payment service. He highlighted how it offers an alternative to high fees charged by non-bank ATMs for credit card users.
Pouch.ph’s initiatives support the growing use of digital currencies in the Philippines. This opens up new opportunities for businesses and consumers, enhancing the economy. With the expansion of the Philippines’ cryptocurrency ecosystem, we anticipate that an increasing number of businesses will embrace Bitcoin payments. This will drive the ongoing digital transformation of the financial landscape. This will contribute to the ongoing digital transformation of the financial landscape.