Australia-founded payment transfer firm Bitspark has launched a pilot for a Philippine-peso stablecoin payment service. The deal is in collaboration with Cambodia-based tech startup Okra Solar, as reported in The Blockchainland.
Customers in the Philippines now can pay their energy bills digitally using peg.PHP.
The company said that the test is done to reduce transfer costs and the cash deposits hassle. The peg.PHP also aims to have fees be significantly lower compared to traditional banks or other remittance providers.
The collaboration will provide Okra’s customers in the Philippines with the option to pay their energy bill via the Bitspark app. It will also allow people to use the peg.PHP stablecoin for cash deposits in shops associated with the Bitspark network.
“Bitspark’s payment platform will be a real game-changer for remote communities that are being connected to our energy solutions. With the peso option, our customers will just be making a familiar PHP transaction but digitally,” said Afnan Hannan, co-founder of Okra Solar.
“There are more than 180 official currencies today, and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets. This is an ongoing commitment on our part to improve the transfer ecosystem, especially bill payments, using blockchain technology” said George Harrap, co-founder, and CEO of Bitspark.
Bitspark is a blockchain-based remittance platform that allows people to send money abroad without the need for a bank account and additional fees.
Bitspark offers a free cloud-based platform as a solution that enables money transfer operators to execute the entire process in one place from sending, managing, receiving, to managing customer due diligence.
Stablecoins enable the use of digital currencies without exposure to excessive volatility because it presents users with the benefits of cryptocurrencies while reducing the risks associated with excessive price volatility.
Bitspark’s peg.PHP will reportedly be the first stablecoin pegged to the Philippine Peso.
This announcement comes right after Bitspark launched Sparkdex.HKD, which it claimed to be the world’s first Hong Kong dollar stablecoin. peg.PHP already began listing on Sparkdex, Bitspark’s decentralized exchange (DEX), and Bitshares’ connected DEX.