By implementing Visa Direct, UMSI’s business clients are set to be able to improve how they conduct cross-border outbound payments, in turn making them more efficient and convenient. The service supports the transfer of funds to eligible Visa Direct cards, bank accounts, and wallets in a range of jurisdictions across the globe. Since its launch, 11 billion transactions were made through Visa Direct across 195 countries and territories and 150 currencies, according to company data.
Before rolling out Visa Direct, Visa and UMSI have worked together on a deal to issue the U Visa Prepaid Card, which was targeted towards new-to-bank customers from several segments, including business process outsourcing (BPO) employees and micro, small, and medium-sized enterprises (MSMEs). Additionally, as detailed by Visa and UMSI, the Philippines holds a substantial outbound money movement market, especially for business-to-business payments.
According to Visa’s ‘Money Travels: 2024 Digital Remittances Adoption’ report, there is a USD 151 billion outbound market opportunity, with the majority covering business-related flows. Additionally, the report underlined that 58% of individuals residing in the Philippines choose digital money movement methods to the detriment of cross-border payments and remittances due to their high fees, long processing times, and the need to visit a physical location.
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