Coins.ph, the Philippines’ leading digital wallet provider and crypto exchange platform, recently launched its “Pay with QR” system, a new feature that allows Coins Wallet users to make convenient and cashless payments to merchants and businesses throughout the country.
payment system developed by the Bangko Sentral ng Pilipinas (BSP)
“We are very excited to launch our new Pay with QR feature on the Coins Wallet, a service which will make everyday transactions easier not only for our users but also for millions of small business owners across the country,” said Wei Zhou, Chief Executive Officer of Coins.ph, in a press release.
“The adoption of cashless payments is a major enabler for financial inclusion because it opens up a whole new world of opportunities for marginalized communities that previously lacked access to formal banking solutions. We are proud to throw our support behind QR Ph, a great initiative from the Philippines’ central bank that we believe will accelerate digital adoption by providing a unified national standard for QR code payments. We will continue to play our part by working closely with the local governments to push the Philippines into the digital payments age,” he added.
Payments made simpler
Coins users can now simply click “Pay with QR” within the Coins app, scan the QR code displayed by a participating merchant, and enter the payment amount to complete their transaction instantly.
Pay with QR is compatible with QR Ph, the QR payment standard for the Philippines developed by the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank. It is based on the Europay-Mastercard-Visa (EMV) system, which is considered the gold standard internationally for fast and secure payments.
The QR Ph system will allow merchants and small business owners to display a single QR code that is compatible with multiple digital wallets, including Coins.ph.
QR Ph codes are already in use at large nationwide chain outlets like Jollibee, and Coins has expressed its interest in working with the BSP and local governments to accelerate their adoption in places like public markets, sari-sari stores, motorized tricycles, and other small businesses. With almost 80% of payments in the Philippines still made in cash, there is ample opportunity for digital tools to help local businesses operate more efficiently and boost local economies.
Starting today, Coins users can simply click “Pay with QR” within the Coins app, scan the QR code displayed by a participating merchant, and enter the payment amount to complete their transaction instantly. Pay with QR is compatible with QR Ph, the QR payment standard for the Philippines developed by the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank. It is based on the Europay-Mastercard-Visa (EMV) system, which is considered the gold standard internationally for fast and secure payments.
The QR Ph system will allow merchants and small business owners to display a single QR code that is compatible with multiple digital wallets, including Coins.ph.
QR Ph codes are already in use at large nationwide chain outlets like Jollibee, and Coins has expressed its interest in working with the BSP and local governments to accelerate their adoption in places like public markets, sari-sari stores, motorized tricycles, and other small businesses.
With almost 80% of payments in the Philippines still made in cash, there is ample opportunity for digital tools to help local businesses operate more efficiently and boost local economies.
Coins’ mission is to serve as the gateway between the worlds of Web2 and Web3, and its digital wallet offering allows millions of users to spend both cryptocurrency and fiat money where it matters most: in the real economy, as part of everyday transactions. Pay with QR represents a significant expansion of payment options for Coins’ 18 million plus users.
To encourage Coins Wallet holders to explore this new payment option, Coins is running a limited-time promotion which will allow both new and existing users to earn free Bitcoin rewards for using the Pay with QR feature. Details, terms and conditions are available at https://coins.ph/blog/coins-qr-launch/