The first instant remittance service to the Philippines has launched, using Bitcoin to facilitate near-real time funds transfer to the country.
A new partnership
Zinger, a startup initially servicing the Canadian-Filipino remittance corridor, has announced a partnership with local service Coins.ph. Now, banked workers in Canada can use the domestic payments provider Interac to pay for a Bitcoin transmission to a Coins.ph wallet, which may be cashed out at a range of Philippines locations.
Lorne Lantz, creator and CEO of Zinger, told CoinTelegraph that he came onboard with Coins.ph, one of a considerable number of remittance-focused startups in the Philippines, due to their strong market presence in the country and further afield in Southeast Asia.
“I partnered with Coins.ph because they have the best fintech product in the Philippines, and I knew that if I integrated with them, Zinger would be of high quality as well,” he explained. “As well, every encounter I’ve had with their team has been extremely positive.”
Zinger relies on the concept of Interac ‘pushing’ transactions by purchasing remittances in CAD, authorizing a user’s bank transfer and signaling a BTC transfer in Zinger. Funds then arrive