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Western Union continues to make rapid progress in the cryptographic space. His most recent decision concerns a partnership with an electronic wallet provider based in the Philippines.
This partnership is being touted as a way to allow more than five million customers to receive international and domestic funds transfers directly into their Coins.ph portfolio in the Philippines.
Crypto thrilla 'in Manila
You may remember the famous boxing match between Muhammad Ali and Joe Frazier, which took place in Manila in 1975. This fight was called Thrilla in Manila and became legendary for the capital of the Philippines.
At present, country leaders are striving to become legendary in the cryptographic space. They have developed several policies to strengthen its image as a cryptography-friendly country. This partnership with Western Union could help him considerably.
The hope is that the integration of blockchain activated platform Coins.ph and the cross-border platform of Western Union can help Filipino workers. They will be able to receive and keep international fund transfers initiated from the Western Union digital network.
In a statement, Coins.ph co-founder and CEO Ron Hose said:
"Many overseas Filipino workers regularly send money home and are always looking for other means of payment that will make it easy for them to pay money to their loved ones. By combining Coins.ph's payment technology with Western Union's extensive global network, we are giving Filipinos a seamless choice to receive digital cash on the go. "
According to Hose, there are an estimated 10 million1 Filipinos working or residing abroad.
Crypto: everything in the 168-year-old Western Union alley?
Western Union suggests using cryptocurrency in its services https://t.co/202e03MaGd
– CCN.com (@CCNMarkets) December 20, 2018
In March, Western Union announced its partnership with a cross-border payment network so customers can take advantage of mobile wallets. With Thunes, Western Union customers can send funds directly into the recipient's mobile wallet. All they have to do is go online or go to one of the many agent outlets, just as they do to make traditional transfers, said CCN.
The largest monetary service in the world is also working on patents related to cryptocurrency. Documents published by the US Patent and Trademark Office in 2018 indicate that he wants to develop a method to enhance the security of electronic payments. Specifically, the Western Union system would handle recurring transfer notifications and secure payments for a cryptocurrency network.
Finally, Western Union tested cryptocurrency ripple (XRP), although CEO Hikmet Ersek said the company was not impressed by the early results.
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