by Venus Zoleta, on category "Personal Finance"
March 12, 2019
For tech-savvy Filipinos who use their smartphones to make financial transactions, Coins.ph is one of the popular mobile payment apps nowadays.
Also called Coins, the fintech company is Southeast Asia’s leading mobile payments app and digital wallet powered by blockchain technology. It’s licensed by the Bangko Sentral ng Pilipinas (BSP) to provide a variety of financial services that people can access from their phone without the need for a bank account.
Whether you’ve just downloaded the Coins.ph app or still thinking about using it, you need to familiarize yourself with the platform and understand how it works before you can fully reap its benefits.
Coins is known as a Bitcoin platform in the Philippines, being one of the few companies authorized by the BSP to let users buy, sell, and store virtual currencies such as Bitcoin, ethereum, and Bitcoin Cash.
Aside from cryptocurrency-related transactions, Coins also offers plenty of mobile payments services quite similar to GCash and Paymaya. With just several taps on the Coins.ph wallet app, customers can send or receive remittances, pay bills, buy cellphone load, buy game credits, or pay for purchases.
To start using Coins.ph, you need to sign up for an account first on your mobile or desktop device. Creating a Coins.ph account is free and easy.
Once you’re done with all the steps above, you can already start using your Coins.ph account for various money transactions.
Although not necessary for all kinds of transactions made through Coins.ph, verifying your account (called Level 2 verification) does have its benefits.
Being Level 2 verified enables you to cash out from your Coins.ph wallet. It also raises your daily cash in and cash out limits to PHP 50,000.
Having your account verified involves submitting your valid ID and selfie via the Coins.ph app. Here’s how to do it properly:
Coins accepts valid government-issued IDs, except for TIN ID and company ID. Users aged 14 to 17 may submit their school ID with a signed consent form from their guardian.
Aside from getting your ID verified, you also need to have yourself verified by sending your selfie to Coins.
Wait for three business days for your verification process to complete. When your account is already verified, expect an email from the Coins.ph team.
In digital payments parlance, “cash in” means adding funds to your mobile wallet. In this case, you’re putting money into your Coins.ph wallet.
Every Coins.ph account comes with a mobile wallet that works like a virtual bank account. You can “deposit” and “withdraw” cash from your account through your wallet, as well as perform transactions like bills payment and funds transfer as long as it has sufficient funds.
Like the traditional leather wallet, your Coins.ph wallet will be of no use if it’s empty. So be sure it has enough money for all your transaction needs!
You can cash in money to your virtual wallet through the following bills payment and remittance centers in the Philippines:
“Cash out” means taking money out of your Coins.ph wallet, which works like withdrawing cash. It may also mean sending money to anyone nationwide from your virtual wallet.
To do this, you need to have your Coins.ph account verified first (See “How to Verify Coins.ph Account” above).
|Cash Out Location||Cash Out Method||Processing Time|
|LBC Peso Padala||Cash pickup||Within an hour|
|Security Bank 24/7 eGiveCash||Cardless ATM payout||Instant|
|Banks (BDO, BPI, Metrobank, Landbank, PNB, etc.)||Bank deposit|
|Remittance Centers (M Lhuillier Kwarta, Padala Palawan Express Pera Padala, etc.||Cash pickup|
|BDO Cash Card, RCBC MyWallet, etc.||Cash card|
It’s convenient to pay bills online from your Coins.ph wallet. Coins allows bills payment to over 80 billers that include utility, credit card, and insurance providers. You may even pay for tuition or government services (NBI clearance, Pag-IBIG contributions, and SSS contributions).
Did you know that you can use Coins.ph to get paid for your products or services? It’s a useful feature for freelancers, small business owners, and regular folks who need to receive payments.
All you have to do is to get the mobile number, email address, or Facebook name of the person you’re collecting payment from, and then send a Payment Request via the Coins.ph mobile app.
Hate lining up at the LRT or MRT station to reload your Beep card? Skip the long queues and top it up using Coins.ph instead.
To reload your Beep card online, you need to use a NFC-enabled Android phone (select Acer, Alcatel, ASUS, Google, Huawei, and Samsung models). You can load as many times per day, from PHP 10 to PHP 10,000.
Being a mobile wallet, Coins also enables users to make cashless payments for purchases through its Scan & Pay feature.
Like other fintech mobile apps in the Philippines, Coins.ph offers a convenient way for the unbanked to perform various financial transactions. Make the most out of your use of this mobile payments app to fully enjoy its great host of features.
(Photos from Coins.ph Facebook page)