On January 3, 2018, CoinText.io, a service that provides a service enabling users to send and receive cryptocurrency using text messages, announced it was enabling its Bitcoin Cash (BCH) wallet in the Philippines reported Yahoo Finance.
Simplifying the Use of Cryptocurrency
CoinText is an innovative service that allows users to send cryptocurrency to mobile phone numbers or any BCH address. Users needn’t go through the hassle of downloading a wallet or taking any other action to send or receive coins while making the funds immediately available to be re-spent.
Vin Armani, CoinText founder and CTO, commented:
“The Philippines has many cryptocurrency exchanges that make using cryptocurrency for remittances a no-brainer. With CoinText, Filipinos can make borderless payments and withdraw pesos at an exchange for a fraction of the cost of traditional money transfer services.
CoinText was reportedly the first company to develop a way to use cryptocurrency without the need for apps, accounts, passwords, or the Internet.
The fintech startup offers a frictionless service to the cryptocurrency ecosystem that works with any Text message-enabled device. CoinText is essentially a foundation for the development of a full suite of digital solutions including touchless payments, streaming money, and for the Internet of Things (IoT).
Cutting Expenses on Remittances
Since the Philippine’s has historically been a country of emigrants, remittances costs have always come as one of the main hindrances for a demographic looking to send money back to their home country.
Today, remittances account for around ten percent of the country’s GDP ($30B). Given that smartphone penetration hovers around 40 percent and credit card penetration is only five percent, it makes the country an ideal place for cryptocurrency payments as CoinText operates using basic phone features. Armani said:
“The ability to send value over SMS is tailor-made for The Philippines. Remittances are a big part of the economy and Filipinos are already big adopters of cryptocurrency, especially Bitcoin Cash.”
Essential Functions and Features of CoinText
Users needn’t type addresses as they can send funds directly to another phone number regardless if it is domestic or foreign. To send funds, users need to type “SEND $1 [PhoneNumber].”
CoinText has delivered an easy-to-use alternative that allows cryptocurrency users to manage their wallet by using simple basic SMS commands like “BALANCE” to check the balance, or “HELP” to access instructions on how to use the wallet.
Users get a wallet by texting a valid command to a CoinText access number or when another user texts funds to their phone number. New users in the Philippines get a CoinText wallet by texting “START” or “SIMULAN” to “639221101037.” Additionally, users can also send funds straight to BCH wallets by using the command “SEND $1 [BCH address].”
The service also included support for the Tagalog language across the entire platform in this latest release.