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Small businesses to accept and process Bitcoin payments

Did you know small businesses in PH now accept Bitcoin payments more than 400

By JBalmoja | Lets Talk About.... | 18 Jul 2023


Pouch.ph, a payment fintech based in the Philippines, said it is transforming the landscape of the Philippine digital economy by enabling more than 400 small businesses to accept and process Bitcoin payments.
In a statement of Pouch.ph said that it is tapping into the country’s vast pool of tiny merchants—from mom-and-pop stores to boutique hotels. It said the firm utilizes Lightning Network built atop Bitcoin to make digital payments quicker, cheaper, and more user-friendly.
This new payment protocol allows customers to pay by scanning a merchant’s QR code with any Bitcoin wallet. Pouch.ph then converts that Bitcoin to Pesos and sends the money directly to the merchant’s bank or mobile money account, making the process easy and efficient for both parties. One of the most significant challenges for the growth of small businesses is the availability of payment methods, with credit cards charging fees up to 3%.
And according to Pouch.ph Chief Executive Officer Ethan Rose, said “With the growing number of internet and smartphone users in the Philippines, Bitcoin as a payment method will allow those who do not have credit cards or even local fiat currency to make online or in-store purchases,
“We’re helping businesses open up a vast market that was previously untapped,” he said.
According to the statement, more than 250 local businesses in the popular tourist destination of Boracay, including convenience stores, hotels, restaurants, and cafes, have already enrolled with Pouch.ph and have been integrating Bitcoin payments into their daily operations. In Metro Manila, some establishments have also started accepting Bitcoin as a valid form of payment through Pouch.ph such as the night bar URBN QC in Quezon City, Draper Startup House in Makati City, and niche retailer KosneyLand located inside a mall in Mandaluyong City. Aside from receiving payments, some partner merchants use Pouch.ph for payroll. With Batch Pay feature, business owners can instantly send money in batches to employees, suppliers, and other recipients, including transfers to all major banks and e-wallets. They can transfer payroll directly to a Pouch Netbank Account with no fees, or to a nominated bank account for a minimal fee. This innovative solution aims to simplify and streamline payment processes for businesses across the country and many Filipino's would love to embrace a new way kind of transactions.

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