Visa has partnered with Rizal Commercial Banking Corporation (RCBC) to roll out Visa Direct in the Philippines.
The initiative aims to offer real-time payment capabilities and money movement solutions in the region. Launched over 10 years ago and built on partnerships with companies like Thunes, TerraPay, and Tencent, Visa Direct improves digital wallet usage and financial inclusion in over 190 countries and territories, transacting in 160 currencies.
The real-time push payment platform facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets worldwide, contributing to P2P payments with a fast and secure solution.
Visa Direct in the Philippines
Over a billion individuals worldwide send or receive payments and remittances every year. The World Bank reports that global cross-border payments and remittances reached USD 905 billion in 2024, a 4.6% increase when compared to 2023. This trend of digital payments is transforming cross-border payments and remittances. 67% of respondents prefer to send or receive payments or remittances digitally, with users highlighting ease of use, safety and security as key advantages.
Alongside India, the Philippines is a key market in the APAC region, with 74% of respondents preferring to send remittances digitally. Visa and RCBC take advantage of this trend towards digitalisation, looking to integrate additional features in their alliance, such as improved fraud detection mechanisms and multi-currency wallets, according to a Visa spokesperson. With Visa Direct, individuals in the country now have access to more options for secure and convenient international transfers.
RCBC believes that Visa Direct reflects its commitment to inclusive, tech-enabled banking, making money movement faster and more accessible. This is a key move in expanding digital financial services in the Philippines.
