Over 400 Small Businesses in the Philippines Now Accepting Bitcoin Payments

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pouch.phA bitcoin payments firm launched in 2021 has announced that it is enabling more than 400 small businesses in the Philippines to accept and process bitcoin payments. According to a press release shared with Bitcoin Magazine, the platform aims to tap into the country’s vast pool of merchants ranging from mom-and-pop stores to boutique hotels.

Pouch.ph uses the Lightning Network 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 bitcoin to pesos, transferring the money directly to the merchant’s bank or mobile money account. transfers.

According to Ethan Rose, CEO of Pouch.ph, one of the key challenges small businesses face is the limited availability of payment methods, with credit cards charging fees of up to three percent. With the growing number of internet and smartphone users in the Philippines, the acceptance of bitcoin as a payment method opens up opportunities for those who do not have credit cards or local fiat currency to make purchases online or in-store.

Some local businesses in Boracay, a popular tourist destination, have already accepted bitcoin payments through Pouch.ph. In the press release, Arilene Gaston, owner of Kasbar restaurant, highlighted the benefits of accepting bitcoin, stating that it has allowed her to attract a wider customer base and increase sales. Meanwhile, TIB market manager Marcel Selfer praised the convenience of the fast and easily available payment service, noting that it offers an alternative to high fees charged by non-bank ATMs for credit card users.

Expanding its services beyond Boracay, Pouch.ph noted that it has successfully added 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 Cosneyland have begun accepting bitcoin payments through Pouch.ph. The company also offers a batch pay feature, which enables business owners to send payments to employees, suppliers and other recipients instantly, simplifying payment processes.

To facilitate bitcoin transactions, individuals can use BTCMap.org To locate merchants that accept bitcoin payments. Pouch.ph plans to expand its batch pay services to over-the-counter remittances through LBC, M Lhuillier and Palawan Pawnshop. By adopting bitcoin, small businesses in the Philippines are looking to capitalize on the growing number of internet and smartphone users, while offering customers more diverse and convenient payment options.