– The Philippines, August 25, 2014
A START-UP based in the Philippines will soon offer locals the opportunity to cash out on the same day their Bitcoin funds, it is announced today.
PayPana is considered to be a revolutionary financial service which consists of an interconnected eWallet. This eWallet allows individuals to remit instantly and at a minimum cost funds from BitCoins, withdraw same-day cash out for their PayPal funds and purchase giftcards of a wide selection of international shops such as Google Play, iTunes. It works by leveraging existing connections to accept virtual currency and provide efficient and reliable payout nationwide the same day, using more than 20 local banks and pera padala network.
Users of PayPana will be able to do the following:
-Deposit funds from anywhere in the planet in Bitcoins or PayPal or from the local Bank
-Use the deposited funds to remit, redeem or exchange back to a different payout method. Examples: use PayPal to buy bitcoins; use bitcoins to fund a PayPal account; get same day cash out at the local bank for bitcoins in the Philippines; use Paypal or bitcoins to buy Google Play or iTunes giftcards and other US stores; use the local bank to fund PayPal or buy bitcoins
Although targeted primarily at the Philippine market, PayPana’s services are planned to be made available to international markets as well. The eWallet service is authorized and licensed in The Philippines as a money changer and the company plans to launch the service very soon.
Currently, PayPana serves about 200 users and as a start-up, it has been funded by friends and family of the founders.
After China and India, the Philippines is the third largest market for remittances in Asia. It is estimated that 11 million Filipino workers are active abroad. Over 15 billion dollars in remittances were transferred into the Philippines in 2006, which comprised 13% of the total GDP.
A growing number of Filipino workers online receive their salary through PayPal or Bitcoin. Statistically, many prefer to be paid the same day cash instead of waiting for 5 days for PayPal to connect with their bank.
Bitcoin is growing in popularity in the Philippines as an alternative means to manage money. Coindesk reported on August 2nd, 2014:
“the majority of online sales in the Philippines are decidedly still offline in their fulfillment. Buyers either agree to meet the sellers at a physical location (a food court, maybe, or a train station), or they make a cash deposit at the seller’s bank and then wait for next-day delivery. This is because only 5% of Filipinos have access to credit cards.
“Applying for your average Visa or MasterCard requires background checks and plenty of paperwork, and even then the incidence of fraud and chargebacks are still inordinately high. Again, the alternative that bitcoin presents here is a no-brainer – it’s enables instant trust among the parties, transactions cannot be reversed and) -(it)has close to zero setup time. Furthermore, and importantly, no one needs lengthy ID checks to use it.” (read more here)
The average expat Filipino worker will transfer $200 home each month at a cost of 4-10%. New services like PayPana aim to lower the cost to 1% or less using Bitcoin. Now that’s quite a deal!
Readers can learn more about PayPana at: www.paypana.ph