It’s big news when a major corporation or non-profit, such as Wikipedia, starts accepting Bitcoin. A number of people want to have more places to spend their bitcoins. So Tech in Asia spoke with entrepreneurs in the Philippine Bitcoin space on what companies they would like to see accept the cryptocurrency.
There were no restrictions placed on the people we surveyed – they could name an international company with a strong Philippine presence, or a local brand. The only real requirement was that the company could contribute to the growth of the cryptocurrency in some way. Perhaps the firm accepting Bitcoin would represent a public relations victory, tap into a market that is already tech-savvy, or introduce Bitcoin to the Filipino masses.
Here are their answers:
1. – 2. Cebu Pacific AIR and Philippine Airlines
The Philippines is famously trying to attract more tourists through the “It’s more fun in the Philippines” campaign, which is sponsored by the Department of Tourism. Sam Kaddoura, the co-founder and CEO of Bitcoin exchange BuyBitcoin.ph, thinks the country would be well-served by bringing Bitcoin enthusiasts into the country.
To do so, the Philippines would ideally have entire communities or business districts where Bitcoin is readily accepted, but Kaddoura thinks we first need to address inbound international travel. “If we really want bring in Bitcoin-spending tourists, why not equip one (or two) of the major domestic airlines to accept Bitcoin?” he suggests.
3. Globe
Globe is one of the two major telecommunications companies in the Philippines – the other being Smart. While Kaddoura thinks that it may not make sense to accept Bitcoin for all their products, he believes the cryptocurrency would work well for certain ones.
He cites the G-movie app as an example, which allows movie patrons to reserve seats in advance as well as pay for their tickets. Kaddoura argues that their current payment system is limited, as not every Filipino has access to a credit card.
“Filipinos love going to the movies,” he says. “If popular apps like this were to accept Bitcoin, it would add a more convenient payment option that is accessible to everyone, as well as spread awareness to a mainstream audience that this technology exists.”
4. – 5. LBC Express and M Lhuillier
Macoy Mejia, the CTO of Teravibe, the company behind Bitcoin exchange mBTC, thinks that courier services such as LBC Express and M Lhuillier should accept Bitcoin. Mejia believes that doing so will help both Filipinos living in the country as well as the Filipinos working abroad, who often send remittances to their families and friends back home.
“These are the services that our common households rely on, especially those who have relatives working far from their homes,” Mejia says. “Overseas foreign workers, expatriates, or even our yaya [domestic helpers] could save a lot of their hard-earned income if they can transact directly wherever they are.”
In other words, if these companies accept Bitcoin, Filipinos don’t have to waste their time and money to commute to a brick-and mortar location.
See: The state of Bitcoin in Southeast Asia
6. Bayad Center of Meralco
Bayad Center is a hub for bill payments. Patrons can pay credit card bills, government services, internet, utilities, and even travel or tuition fees. According to Mejia, this company caters to the unique market that is both “unbanked” and prefers one-stop shop services.
“If they start accepting Bitcoin, the cryptocurrency could hit wide-scale adoption here in the Philippines,” Mejia says. “Anyone can now pay their household bills with less friction and save more.”
7. Foodpanda
Foodpanda is a food delivery service backed by German ecommerce company Rocket Internet. While the service lets users pay for their food online, credit card penetration is so low in the Philippines that few people will avail of it.
Christine Aguilar, who does marketing and communications for Bitcoin exchange coins.ph, argues that the lack of alternative payment options could affect the company’s bottom line. It is thus in their best interest to accept Bitcoin.
She speaks from the vantage of a potential (and hungry!) patron. “The greatest nightmare
is when you realize that you don’t have enough cash and will have to run to the nearest ATM, which cancels out that brilliant idea of ordering food for delivery in the first place,” Aguilar says.
8. Titan22
Titan is an ecommerce retailer that specializes in basketball shoes, particularly those that are limited edition and thus hard to find. According to Aguilar, sneaker enthusiasts will wait all night to reserve the special releases of new shoes, which may get sold out in a few minutes.
Aguilar believes that the customers’ enthusiasm may wane as soon as they face the obstacle of payment. “Then they suddenly realize they need to wait again for the next business day to deposit their payment, and physically do so at their nearest bank.”
Accepting Bitcoin will ensure that the customer experience remains as positive as possible, and that they keep returning to Titan22 for more sneakers.
9. – 10. TicketNet and TicketWorld
Aguilar thinks Filipinos buy most of their tickets the old-fashioned way: lining up or camping out wherever tickets are sold. While there is value to be had in the experience of waiting out there with other fans of your favorite artist, Aguilar says this can get really tiring, really fast. Most people, after all, have responsibilities to attend to, so buying your tickets in person is often time- and cost-prohibitive.
“Having to skip work or school just to get to the department store or ticket outlet on time should be a thing of the past,” Aguilar argues. Accepting Bitcoin would allow fans to spend more time (and money!) at concerts and less standing outside in the Manila heat.
11. – 12. GrabTaxi and EasyTaxi
Sabina Lopez-Vergara, the head of marketing and public relations at Bitcoin umbrella company Satoshi Citadel Industries, thinks that taxi-hailing apps GrabTaxi and EasyTaxi should both accept Bitcoin.
As of the moment, Filipinos pay for their services with cash at the end of the ride. If the companies enable Bitcoin payments, Lopez-Vergara feels that their services can be as as frictionless as Uber, which allows users to get in and out with ease, charging their credit cards automatically.
“Transactions made for transport services like GrabTaxi and EasyTaxi are all arranged through a mobile phone,” Lopez-Vergara says. “Since they already exist on a digital platform, Bitcoin payments would make it convenient for users to pay without the need to open up their physical wallets.”
13. [BONUS!] 750,000 small businesses
According to Lopez-Vergara, there are 750,000 small businesses that can’t afford a credit card machine in the Philippines. She believes that accepting Bitcoin – whether through the point-of-sale system that SCI can provide via Bitmarket or through another provider – will open these merchants to a much larger market.
“We’ve got so many small businesses who should get a chance to open themselves up to digital payments,” Lopez-Vergara says. “With Bitcoin, everyone gets the opportunity to play in the field.”
The post 12 Philippine companies that should really start accepting Bitcoin appeared first on Tech in Asia.
12 Philippine companies that should really start accepting Bitcoin
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