- Pouch Philippines, a new payment company, is enabling businesses in the Philippines to accept and process Bitcoin payments.
- The company, which launched in 2021, is the country’s first “lightning wallet” that expedites transactions and makes them more accessible than traditional bank transfers.
In a significant stride towards the adoption of cryptocurrency, Pouch Philippines, a pioneering payment company, has been instrumental in facilitating Bitcoin payments for businesses across the Philippines. Since its inception in 2021, Pouch.ph has been a catalyst for change, encouraging businesses to tap into the burgeoning market of Bitcoin users in the country.
Bitcoin, a digital payment method akin to online cash, has witnessed a surge in users since its establishment in 2010. Despite its growing popularity, the utilization of Bitcoin in businesses beyond the digital realm has been limited. Pouch Philippines aims to alter this narrative. Ethan Rose, the CEO of the company, stated that their objective is to enable businesses to cater to the expanding market of Bitcoin users, particularly those who lack access to credit cards or local fiat currency for online or in-store purchases.
Pouch.ph holds the distinction of being the first “lightning wallet” in the Philippines, a feature that allows for transactions both locally and internationally. By leveraging Bitcoin wallets, Pouch.ph offers a quicker and more user-friendly alternative to traditional bank transfers. The app, available for free on Google Play, Apple Store, and the Pouch.ph website, is designed to make the transfer of value easier and faster.
To facilitate the conversion of Bitcoin into the Philippine currency, Pouch.ph employs a technology called a Lightning Network. This decentralized network and payment protocol, built on top of a blockchain, enables instant payments. Customers can use their Bitcoin wallets in a manner similar to online banking or mobile app banking, primarily by scanning QR codes.
The process is straightforward. A merchant generates a QR code, which customers scan to route their payments from their Bitcoin wallets. Pouch.ph then converts the Bitcoin into the Philippine currency and transfers the money to the merchant’s bank or mobile bank account. The application also features a Batch Pay option, which allows businesses to transfer or send money in batches. This feature is ideal for disbursing payments to employees, suppliers, and other recipients.
As of June 3, over 250 merchants in Boracay, a popular tourist destination, are accepting Bitcoin payments through the app. Other provinces with Pouch.ph enrollees include Cebu City, Dumaguete, Iloilo, and Bacolod City. In Metro Manila, establishments like URBAN QC, Draper Startup House, and retailer Kosneyland are also accepting Bitcoin payments.
Pouch Philippines is revolutionizing the payment landscape in the country, making it easier for businesses and consumers to transact using Bitcoin. As more businesses embrace this change, the future of payments in the Philippines looks promisingly digital.
