The use of bitcoin in Philippines increased, promote national economy without cash
The use of mobile payment and bitcoin in Philippines increased, to promote national economy without cash.
Asian countries in the past few years has shown great economic growth. China and India’s economic development is the emergence of the bottleneck, while Philippines is currently in a period of rapid development. Along with the economic growth in Philippines, the latest technology in the field of economic growth in conjunction with. In order to keep up with the progress of technology, and ensure that the interests of the people of Philippines are slowly toward the development of non cash society.
Philippines’s social and economic environment in the development of the road also paid a lot. For a large part of the population did not have a bank account and did not enjoy banking services in the country, which means that the financial services can be developed rapidly. These people do not have access to traditional financial services. They may not even know how to operate a bank account, but they have a smart mobile phone, they know how to use them. This has resulted in the increased use of mobile payment as an unorthodox financial system. The use of mobile payment, people can pay their bills, buy goods in shops and more service. Recently, the Philippines IRS in the global telecommunications – Philippines, the second major telecom operators in the country, allowing people to use mobile payment to pay the tax.
The use of mobile payment is not a new concept. Safaricom MPESA is a mobile payment service, it appeared in the consumption of Kenya to bring the huge change. Mobile payment is a payment way in Kenya using the most widely. In addition to mobile payments, Philippines also recorded the use of bitcoin growth rate. Bitcoin as a center point of the digital currency in the world it has established a reliable non orthodox financial services and payment platform.
Recently many Filipinos are exploring the use of bitcoin remittance. Philippines has a huge inflow of remittances market, Philippines immigrant groups will send money to his family. Different from the traditional cross-border funds transfer method, bitcoin transfers the cost of only a small part of the transaction cost. In addition, the bitcoin remittance will be far more than the other models faster.
Based on the bitcoin remittance industry in Philippines now has a number of companies to provide services for the people. These bitcoin payment platform based on acquired the name of “Rebittace”, the name by Remittance (transfer) and Bitcoin (bitcoin) two words together. Bitcoin like mobile payments are used to purchase goods and services, businesses can also be accepted.
With the trend of mobile payment and bitcoin in Philippines is increasing, which makes Philippines cashless economy moving forward.