More and more banks are working closely with Stellar Development Foundation to enjoy faster payments using Stellar network. Stellar is helping revolutionize world of remittances by offering an alternative to slower traditional payment system.
Newest one to join the league is Pera Hub, a subsidiary of Union Bank of the Philippines has made an announcement that it will use Stellar network to enable cash out to over 3000 points of sale in Philippines.
This is a big news for Filipinos since Philippines is one of the world’s largest receiving markets for remittances. Soon, Pera Hub users will be able to receive payments from Singapore via Chynge at any of Pera Hub locations. Since payments will be made using Stellar network, receivers will get payments instantly at low cost.
Philippines’ Pera Hub has played an important part of country’s remittance industry from past 20 years and this partnership with Stellar Development Foundation (SDF) will allow group to maximize their retail network and establish itself as digital remittance platform of future.
Q4 was the perfect way to cap a landmark year for @StellarOrg and the Stellar network. Catch up on our Q4 report and webinar to see what we’ve accomplished with Stellar this past quarter. https://t.co/23BsH6MG5g
— Denelle Dixon (@DenelleDixon) January 22, 2021
Pera Hub was exclusive to Western Union ever since it started its operations back in 1998. This new partnership with Stellar allows them to stay true to their group purpose of advancing business and communities by uplifting lives of kababayans in these pandemic times.