Blockchain payment gateway Pouch added a new feature in its app called Send Globally, which promises to offer instant, low-cost, and safe money transfers from the Philippines to any bank account in the United States.
Using Pouch’s lightning payment network, the funds will be paid out as US dollars to the recipient’s US bank account. Lightning Network is an innovative technology that boosts financial inclusion and the efficiency of cross-border payments.
According to Pouch, Send Globally transactions may take up to three days instead of weeks, reducing the risk of payment delays due to intermediaries, and competitive rates.
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Bitcoin Lightning Network
“By leveraging the Bitcoin Lightning Network, we can facilitate fast and cheap transactions, making our users send money with ease,” said Ethan Rose, CEO of Pouch. Both local businesses and individual users can now use Send Globally to transfer a minimum of $1 up to a maximum of $1,000. Pouch plans to support transactions above the limit in the near future.
Founded in 2021, Pouch.ph built the first lightning wallet for the Philippines so that Filipinos can have access to faster, cheaper, and more globally connected digital payments. Send and receive payments across borders via the Bitcoin lightning network. Pouch. partnered with global digital payments like Strike, CoinCorner, and NeutronPay to enable overseas Filipino workers to send money to the Philippines instantly and with lower fees.
Pouch.ph is connecting the Philippine economy with the Lightning Network to ensure that Filipinos can seamlessly operate on this new payment standard.