Quezon City, Philippines – February 21, 2024 – Marking a significant milestone in the adoption of bitcoin in the Philippines, the 1 Cooperative Insurance System of the Philippines (1CISP) has accepted Bitcoin for life insurance endowment premiums for the first time.
The payment was made through the CoopPay Lightning Network wallet.
This innovative move follows 1CISP's acceptance of the first Bitcoin payment for car insurance premium exactly 12 months ago, in February 2023.
"This is a landmark moment for 1CISP as we continue to embrace new technologies that benefit our members," said Roy S. Miclat, President and CEO of 1CISP.
"By accepting Bitcoin for life insurance premiums, we are making it easier and more convenient for our members, especially those overseas Filipino workers (OFWs), to fulfill their financial obligations and secure their loved ones' futures."
CoopPay, developed by the One Cooperative Technology Service (OCTS) and Pouch.ph, serves as the platform for seamless and secure Bitcoin transactions.
The Lightning Network wallet facilitates instant and low-cost payments, making it an ideal solution for insurance premium payments.
"We are thrilled to be part of this groundbreaking initiative with 1CISP," said Chris Y. Marquez, CEO of OCTS. "CoopPay's integration with the Lightning Network provides a fast, secure, and affordable way for Filipinos to utilize Bitcoin for essential financial services."
Anna Marin Crisolo, COO of OCTS, further emphasized the benefits for OFWs:
"This opens up a new and convenient way for our kababayans abroad to pay their insurance premiums. They no longer need to worry about traditional remittance fees or long waiting times. With CoopPay, they can fulfill their financial commitments instantly and directly from their smartphones."
The acceptance of Bitcoin for life insurance premiums reflects 1CISP's commitment to innovation and inclusivity. This move is expected to pave the way for wider adoption of bitcoin in the Philippine insurance and cooperative sectors, offering greater convenience and accessibility for Filipinos both locally and abroad.
About 1CISP
The 1 Cooperative Insurance System of the Philippines (1CISP) is the leading cooperative insurer in the Philippines. It is celebrating its 50th Founding Anniversary this year. It is owned and controlled by its member cooperatives, providing a wide range of affordable and accessible insurance products to its members and their families.
About OCTS
The One Cooperative Technology Service (OCTS) is the first and only technology service cooperatives in the Philippines. OCTS develops and implements innovative solutions that help cooperatives improve their operations, reach new members, and deliver better services.
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