CoinText has increased the scope of its service worldwide by launching of its SMS based crypto payment service in the Philippines. This is set to transform the Cryptocurrency transaction landscape in the country.
CoinText.io Crypto Payment Service
CoinText.io has launched its SMS crypto payment service in the Philippines, and this will enable the citizens of the country to transact Bitcoin cash through text message without the use of internet service, apps or account.
The CoinText service will be thriving in the high remittance inflow of the country which is a major feature of the country’s economy. Also, the high usage of smartphone and the prevalence of poor banking system in the country would make the CoinText service more suitable in the country as crypto usage increases in the country.
The recent surge in crypto use in the country and its growth is set to see more progress with the crypto service providers. They are to operate as regulated firms as the authorities are aiming at targeting draft rules for domestic Cryptocurrency exchange in weeks ahead of finalising regulations later this year.
About CoinText SMS Crypto Payment
CoinText Crypto SMS payment service makes transacting in Bitcoin cash easier for its users. Users can send Bitcoin cash from phone number to phone number or Bitcoin cash wallet address without internet access through the providence of a dedicated SMS communication gateway that is powered with blockchain. For instance, new users in the Philippines can obtain a CoinText wallet by texting START or SIMULAN to 639221101037.
Another beauty of the CoinText service is that users without a smartphone, still using Java phone can make use of the service. This is quite different from the conventional crypto wallet and the protocol such as users registering at an exchange, store passphrases, or private keys that accompany them.
The ease that accompanies the use of the CoinText service has enhanced its popularity and use in countries such as in Ukraine, Italy, Turkey, Argentina, Hong Kong, Israel, and the Palestinian territories. The latest addition of the Philippines makes the service available in 39 countries. The use of Cryptocurrency for storage of service is increasing as most national currencies are losing their values.
The CoinText wallet features simple commands such as balance, deposit, send, and withdraw.
CoinText founder and CTO Vin, Armani stated that the ability to send value over SMS is tailor-made for the Philippines. Also, That the Remittances are a big part of the economy and Filipinos are already big adopters of cryptocurrency, especially Bitcoin Cash.