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Philippines positively differ from other Asian countries in their relationship towards cryptocurrencies and implementation of Bitcoin payments into the MetroDeal and CashCashPinoy checkouts is a proof of that.
Both merchants use Coins.ph to process their payments. The checkout platform was founded in 2013 was originally thought to work on predominantly Asian grounds but sudden success will allow it grow beyond the region, as speculated by Ron Hose.
Ron is the co-founder of the company and he explains why the main direction of expansion should be Southeast Asia:
“Less than 5% of people in Southeast Asia have credit cards – the rest end up paying for online transactions next day in line at the bank or COD, a huge pain for both customers and online merchants. Bitcoin solves a real problem here – increasing conversion and lowering transaction cost for the merchant, and providing far more access to customers.”
For the majority of the people in Southeast Asia it’s simply impossible to use traditional methods of payment due to the high prices of transactions. That’s why Coin.ph was initially designed to allow people use financial services cheap and easy.
MetroDeal had been already testing the Coin.ph services but only last Friday the option aired. CashCashPinoy has not yet joined the party but it’s a matter of a few days.
Among other Filipino MetroDeal really stands out with it’s 1.2 million shoppers per month. Oh, and if you were wondering, all of them are unique. Although, almost half of that for CashCashPinoy is hardly comparable but, again, we are speaking of country that does not hold online shopping in high regard.
It’s not surprising how governments of the most advanced countries are trying to prevent cryptocurrencies from happening (too late though) and in Southeast Asia people are gladly accepting digital coins to work the way around traditional payment systems that strips them down to the bones.
What will be, is the situation when countries like Philippines will appear on the radars of “biggies” with strong and complex economy based on cryptos. This ought to be fun.