Philippines-based Bitcoin exchange BuyBitcoin.ph has joined forces with local payment processor Dragonpay to enable bitcoin purchases at over 12,000 local banking and retail locations.
BuyBitcoin.ph launched in January with a focus on remittance payments. Some 12 million Filipinos work abroad and need a low-cost and convenient medium to transfer funds. The exchange has been fairly successful with high liquidity- the peso-bitcoin bid/ask spread is only 0.15%. CEO Sam Kaddoura commented:
“We’re excited to be offering a new channel for customers to purchase bitcoin outside of the pre-existing cash deposit process we currently have in place. Our users continuously asked for online depositing and we’re happy to provide a solution now with Dragonpay.”
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Dragonpay says on its website that out of a population of 100 million, only 5% have a credit card and 20-25% have a bank account. With few avenues to shop online, Dragonpay lets customers shop using non-credit card channels. Customers can fill their Dragonpay accounts at ATMs, physical bank branches and retail stores supporting the service. The company offers other services like recurring and mass payments. Said Dick Chiang, the company’s CTO:
“We commend players like BuyBitcoin.ph for taking the initiative to trailblaze and develop the local bitcoin ecosystem. The bitcoin community is growing fast in the Philippines and we look forward to helping it grow even more by offering our suite of services to the major players like BuyBitcoin.ph.”
The partnership is similar to that between ZipZap and PayZone, who recently teamed up to let British customers buy Bitcoin at over 20,000 retail locations.