Recent years have seen a rise in crypto usage in a number of Asian countries, along with Oceania. But, this part of the world may see the growth in popularity of bitcoin and other crypto skyrockets soon.
If this does happen, it would be because of the efforts that a single crypto wallet provider named Pouch is making in this regard.
The crypto wallet provider has made a great deal of effort in increasing the uptake of Bitcoin in the Philippines and its focus is on a single island, which is called Boracay.
Thanks to the aggressive campaign that was launched by the wallet provider, more than 120 businesses based there have teamed up in order to offer people the option of making bitcoin payments.
With this integration, it has now become possible for the people of the island to use bitcoin to pay for food at roadside restaurants, or pay for pretty much anything with the leading cryptocurrency.
It is because of the efforts that the crypto wallet provider has made that the island has now transformed into a Bitcoin haven and a number of people are now calling the island of Boracay the ‘Bitcoin Island’.
The Vice President of Pouch, Bill Mill said that the goal of the company is establishing a micro-economy on Boracay that would be exclusively reliant on Bitcoin.
This is part of the company’s efforts for promoting crypto tourism in this area of the world and their primary focus, for now, is to convince businesses to start accepting crypto payments.
The wallet provider wants to make it possible for people to spend Bitcoin the same way they do cash. Bill Mill disclosed that locals and tourists alike had had no trouble in making, or accepting bitcoin payments.
This is due to the fact that they are able to add prepaid phone credits without having to pay any carrier fee when they use bitcoin.
Focus on Philippine
The VP also disclosed that the reason that the wallet provider had decided to focus on the Philippines was that it is recognized as the world’s third largest remittance market.
Multibillion dollar remittances are sent to and from the region, which makes it a huge untapped market and can turn out to be very beneficial for locals as well as companies.
According to Mill, the citizens of the country can also save millions of dollars with the use of Bitcoin for payments.
This is the money they would save on commissions that are usually paid on commissions when making remittances.
Even though so much money is sent and received, banking institutions still do not offer cost-effective and easily accessible financial services to Filipinos.
This is where Pouch has stepped in and the company is now filling the gap by offering the people an option of making payments that is easy to access and can also cut down their costs significantly, allowing them to save money.