Digital payment platform Pouch.ph is helping more local merchants join the new frontier of digital economy.
A fintech company that launched in 2021 is revolutionizing the digital economy landscape in the Philippines by enabling more than 400 small businesses to accept and process Bitcoin payments. Pouch.ph is tapping into the country’s vast pool of small-scale merchants, ranging from local stores to boutique hotels.
Pouch.ph leverages the Lightning Network, built on top of Bitcoin, to facilitate faster, more cost-effective, and user-friendly digital payments. Through this payment protocol, customers can make payments by scanning a merchant’s QR code using any Bitcoin wallet. Pouch.ph then converts the Bitcoin to Pesos and transfers the funds directly to the merchant’s bank or mobile money account, ensuring a seamless and efficient transaction for both parties.
“The availability of payment methods is one of the most significant challenges for the growth of small businesses, especially with credit cards charging fees of up to three percent. With the increasing number of internet and smartphone users in the Philippines, Bitcoin as a payment method allows those without credit cards or local fiat currency to make online or in-store purchases. We are helping businesses tap into a vast untapped market,” explained Ethan Rose, CEO of Pouch.ph.
Over 250 local businesses in the popular tourist destination of Boracay, including convenience stores, cafes, hotels, and restaurants, have already partnered with Pouch.ph and integrated Bitcoin payments into their daily operations.
For Erielyn Gaston, owner of Kasbar restaurant, accepting Bitcoin as a form of payment has enabled her to attract a broader customer base and increase sales. “Pouch.ph has been very helpful as another mode of payment, in addition to credit cards and e-wallets, which are the usual payment methods here in Boracay,” she shared during a panel discussion at the Bitcoin Island conference.
Pouch.ph’s success has prompted the fintech company to expand its services beyond “Boracay Bitcoin Island.” They have onboarded merchants in Cebu City, Dumaguete, Iloilo, and Bacolod City. Moreover, establishments in Metro Manila, such as URBN QC in Quezon City, Draper Startup House in Makati City, and niche retailer KosneyLand in Mandaluyong City, have also started accepting Bitcoin payments through Pouch.ph.
In addition to receiving payments, partner merchants can utilize Pouch.ph for payroll services. With the Batch Pay feature, business owners can instantly send money in batches to employees, suppliers, and other recipients, including transfers to major banks and e-wallets. This innovative solution aims to simplify and streamline payment processes for businesses across the country.
Pouch.ph is also preparing to extend its Batch Pay services for over-the-counter remittances through LBC, M Lhuillier, and Palawan Pawnshop.
To locate merchants that accept Bitcoin payments, both locals and tourists can use BTCMap.org.
