SatchelLaunched in 2021, the bitcoin payment company announced that it enables more than 400 small businesses to accept and process bitcoin payments in the Philippines. According to a press release shared with Bitcoin Magazine, the platform aims to benefit a wide range of merchants in the country, from convenience stores to boutique hotels.
Pouch.ph uses the Lightning Network built on top of Bitcoin to facilitate faster, easier and more affordable digital payments. With this payment protocol, customers can pay by scanning the merchant’s QR code using any Bitcoin wallet, and Pouch.ph converts bitcoin into pesos, transferring the money directly to the merchant’s bank or mobile money account.
According to Ethan Rose, CEO of Pouch.ph, one of the big challenges for small businesses is the limited availability of payment methods, with credit cards charging fees of up to three percent. With the increasing number of internet and smartphone users in the Philippines, accepting bitcoin as a payment method opens up opportunities for those without credit cards or local fiat currency to make online or in-store purchases.
Some local businesses in Boracay, a popular tourist destination, have adopted bitcoin payments through Pouch.ph. In the press release, Caspar Restaurant owner Irilyn Gaston highlights the benefits of accepting bitcoin, noting that it has allowed her to attract a broader customer base and increase sales. Meanwhile, Marcel Silver, TIB’s Market Director, praised the convenience of the fast and readily available payment service, noting that it provides an alternative to the high fees charged by non-bank ATMs for credit card users.
Pouch.ph has expanded its services outside of Boracay, and noted that it has successfully brought merchants to cities such as Cebu City, Dumaguete, Iloilo, and Bacolod City. Additionally, in Metro Manila, organizations such as URBN QC, Draper Startup House, and KosneyLand have started accepting bitcoin payments through Pouch.ph. The company also offers Batch Pay, which enables business owners to send payments instantly to employees, suppliers, and other recipients, streamlining payment processing.
To facilitate bitcoin transactions, individuals can make use of BTCMap.org To locate merchants who accept Bitcoin payments. Pouch.ph plans to expand its Batch Pay services for over-the-counter remittances through LBC, M Lhuillier and Palawan Pawnshop. By adopting bitcoin, small businesses in the Philippines are taking advantage of the growing number of internet and smartphone users, while offering customers more diverse and convenient payment options.
