A number of enterprises in the Philippines, especially small startup businesses, are now taking advantage of the unique benefits that Bitcoin and other forms of cryptocurrency can bring.
According to Ethan Rose, the CEO of Pouch.ph, “One of the significant challenges now faced by small businesses is the limited availability of payment methods, with credit cards charging fees of up to three percent,” he said. “With the increasing number of Internet and smartphone users in the Philippines, accepting Bitcoin as a payment method can help open up opportunities for those without credit cards or local fiat currency to make their online or in-store purchases.”
Rose explains that the Pouch platform aims to tap into the vast pool of merchants in the country, ranging from mom-and-pop stores to boutique hotels. Launched in 2021, his company has since enabled over 400 small businesses in the Philippines to accept and process Bitcoin payments.
IMAGE CREDIT: https://twitter.com/Pouch_PH
Pouch.ph is a Bitcoin payment firm that utilizes the Lightning Network app built on top of Bitcoin to facilitate faster, more affordable, and user-friendly digital payments.
With this payment protocol, customers can pay by scanning a merchant’s QR code with any Bitcoin wallet, and Pouch.ph converts the Bitcoin to pesos, transferring the funds directly to the merchant’s bank or mobile money account.
In a press release shared by Pouch.ph to fintechnewsph.com, it said that some local businesses in Boracay, a popular tourist destination, have already embraced Bitcoin payments through their platform.
Erielyn Gaston, owner of Kasbar restaurant, highlighted the advantages of accepting Bitcoin, stating that it has allowed her to attract a wider customer base and increase sales.
TIB Market manager Marcel Selfer, meanwhile, praised the convenience of a fast and easily available payment service, noting that it provides an alternative to high fees charged by non-bank ATMs for credit card users.
Expanding its services beyond Boracay, Pouch.ph also noted that it has successfully onboarded merchants in cities such as Cebu City, Dumaguete, Iloilo, and Bacolod City.
Additionally, in Metro Manila, establishments such as URBN QC, Draper Startup House, and KosneyLand have started accepting Bitcoin payments through Pouch.ph.
The company now also offers a Batch Pay feature, which enables business owners to send payments instantly to employees, suppliers, and other recipients, thus simplifying the payment process.
To facilitate Bitcoin transactions, individuals can simply utilize BTCMap.org to locate merchants that are accepting Bitcoin payments. Pouch.ph says it plans to extend its Batch Pay services for over-the-counter remittances through LBC, M Lhuillier, and Palawan Pawnshop.
By embracing Bitcoin, small businesses in the Philippines will soon be able to capitalize on the increasing number of Internet and smartphone users while offering customers diverse and more convenient payment options.