Economy introduces mobile wallet app for cooperatives


Payment fintech has launched CoopPay, its mobile wallet app for cooperatives, to improve financial access and integrate Philippine peso and crypto transactions. 

It has no additional service fees or markups among bills payments and a minimal fee for bank transfers, said in an e-mailed press statement to reporters on Monday. 

It aims to enable digital payments by bridging QR Ph, the national QR code standard, and the Lightning Network, a blockchain payment protocol, it added. 

“Our priority is to bring financial access, service, and opportunity to all Filipinos, particularly with a strong focus on customer care and global connectivity,” said Ethan Rose, founder and chief executive officer.

“Our collaboration with OCTS [One Cooperative Technology Service] to launch CoopPay will enable us to bring better financial services to millions of Filipinos,” he added. 

Anna Marin Crisolo, OCTS chief operating officer, said the company envisions the mobile wallet to provide a “medium-term best-practice model” for cooperatives in the Philippines and the region. 

“It has always been our mission at OCTS to facilitate financial empowerment at the grassroots level,” she said. “We want to show the way for our brother and sister cooperatives in the ASEAN region.” 

CoopPay allows users to deposit and withdraw Philippine pesos, utilize cash pick-up services, and conduct bank transfers with a minimal fee of P15, no set limits, and real human support, said. 

It also features a shop tab where users can buy load for all networks and pay for transportation services and bills, it added. 

The wallet made an initial rollout to 100,000 members in the First Community Cooperative, with plans to extend to other cooperative groups nationwide. — Miguel Hanz L. Antivola

Neil Banzuelo

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