Pouch.ph and One Cooperative Technology Service (OCTS) recently launched CoopPay, a mobile wallet app designed for the use of cooperative members in the Philippines and ASEAN countries.
This partnership introduces a new and cost-effective platform allowing users to send and receive peso payments and Nitcoin transactions via the Lightning Network.
CoopPay, developed by Pouch.ph, an Operator of Payments System (OPS) licensed by the Bangko Sentral ng Pilipinas, in collaboration with OCTS, a special cooperative supervised by the Cooperative Development Authority, offers various convenient features. These include peso deposits and withdrawals, CoopPay to CoopPay transfers, bank/fund transfers to major banks and e-wallets, and cash pick-up services.
National Cooperative Month saw CoopPay’s initial rollout to 100,000 members of the First Community Cooperative (FICCO), the country’s largest community cooperative. Headquartered in Cagayan de Oro City, FICCO operates across Metro Manila, Visayas, and Luzon. This milestone marked the beginning of a broader rollout planned for various cooperative groups nationwide.
With over 30,000 registered cooperatives serving 14 million members across diverse sectors, the app’s reach aims to significantly improve financial access and services for cooperative members and their families.
CoopPay offers affordable bill payments, minimal bank transfer fees, no set transfer limits, and dedicated customer support. The app includes a shop tab facilitating purchases of load credits, transportation services, and bill payments for various service providers.
The roadmap for CoopPay includes plans for seamless integration with QR Ph, the national QR code standard, and the Lightning Network. This integration will enable effortless switching between peso and bitcoin payments via QR Ph and facilitate bitcoin transactions across different wallets supporting the Lightning open protocol in Asia and globally. This innovation not only benefits cooperative members but also aids overseas Filipino workers and the wider Filipino diaspora in sending and receiving payments efficiently to their families in the Philippines.