Bitcoin exchange and wallet service Coins.ph has announced that it is teaming up with convenience store chain 7-Eleven to offer instant deposits across all 1,600 of its stores in the Philippines.
Through this partnership, it will be convenient for Coins.ph’s customers, especially the unbanked, to transact, remit money, pay bills and top-up their pre-paid cards via their digital wallets.
How it works is that upon initiating a deposit on C0ins.ph’s app, customers will receive a 7-Connect reference number which they then have to present to the cashier at a 7-Eleven store. After paying, the funds are instantly credited to their digital wallets.
“At Coins.ph, we’re building a connecting layer across banks, payment services, and last mile providers like convenience stores and pawnshops to widen people’s access to financial services,” said Ron Hose, CEO of Coins.ph, in an official statement. “From walking into a bank branch and lining up to submit documents, all you need now is to download the app and deposit at a nearby 7-Eleven store.”
Currently, Coins.ph’s existing cash delivery network spans over 10,000 retail locations, including 24 major banks, cash pickup centres, door-to-door delivery, mobile money and 450 ATMs for cardless cash withdrawal across the Philippines.
Founded in early 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson, Coins.ph was built with the aim of leveraging mobile and blockchain technology to accelerate financial inclusion in Southeast Asia.
It also recently launched gift cards on its Android app, allowing customers to purchase and send gift cards directly from their wallets.