A bitcoin startup, Coins.ph launched Teller, a new service for its bitcoin wallet which enables money remittance without a bank account. 

This feature is designed to facilitate remittances in Philippines, Indonesia and Thailand by using the blockchain technology. 

The new bitcoin app will allow users to make money transfers in local currency via Coins.phaccounts by finding a third-party “teller” who will accept local currency payment in exchange for bitcoins. After the payment is made, the teller transfers the equivalent amount in bitcoins into the user’s mobile wallet for a small transaction fee. The maximum amount per transaction is limited to $50 USD. 

Rremittees can withdraw money using their Coins.ph wallet or through bank and ATM withdrawals, door-to-door delivery by logistic firms or cash pick-up at partner pawnshops and remittance centres. 

Addressing security level, Coins.ph CEO Ron Hose said to Tech In Asia, that the service was being rolled out first with the existing money exchangers and retail establishments that are familiar with handling such transactions. He added that these companies perform retailer screening, run identity checks on them and train them. The system is similar to Uber’s network management.

Hose also said that Teller aimed to provide basic financial access to unbanked individuals. In the Philippines over a third of municipalities don’t have any form of banking facilities. “We think this will augment banks in areas that are hard for them to serve. Our vision is to help the banks drive services there, not to replace them,” he said.

A Manila-based company, Coins.ph was founded in 2014. The company is a mobile remittance and financial services platform built on the blockchain technology. With Coins.ph the users can easily transfer cash, pay the bills, and top up their phones instantly.

CoinFox already wrote that more than 12 million Filipinos live abroad and many of them send money home, creating a huge market for remittances. There is a remittance corridor between Hong Kong and Philippines, established by Bitspark and Coins.ph, and a payroll system created by Bitwage that makes it possible for American businesses to pay their workers in the Philippines in local currency. Recently CoinFox wrote about the first bitcoin ATM installed in the Philippines.

Daria Petushkova