Visa aims to launch app-based services for digital and flexible card payments to businesses in the Philippines within this year amid the country’s robust household consumption.
The global payment solutions provider said it has partnered with digital bank Maya for Visa Pay, a technology allowing e-wallet users to fulfill transactions at physical and online stores in the country and abroad.
“Both parties are trying to make sure if we can do the activation within the year,” said Visa Country Manager for the Philippines Jeffrey Navarro. He said the new service will satisfy Filipinos’ increasing demand for digital payments.
The Bangko Sentral ng Pilipinas reported digital payments already accounted for 52.8 percent of all monthly retail payments in the country in 2023, rising from 42.1 percent in the prior year.
LINE Pay
Aside from Maya, Visa Pay has been introduced to LINE Pay in Taiwan, OpenRice in Hong Kong, and Woori Card in South Korea.
Visa is also preparing to launch Visa Flex Credential card in the Philippines to enable seamless switching between debit and credit accounts and reward points whenever consumers purchase various goods or services using their banking mobile apps.
Visa reported the service’s success in Japan, attracting over 5 million users with a 40 percent average growth rate which was higher than the national rate last year.
This was achieved through the partnership between Visa, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card Company.
Visa Accept
Visa officials are also reaching out to more financial firms for Visa Accept which transfers payments to micro-sellers directly into their Visa debit cards using NFC-enabled smartphones.
NFC or near-field communication is a contactless payment method where cardholders simply hover their smartphones over point-of-sale devices to transfer their payments to merchants.
Visa said it has already partnered with EastWest Bank to promote this technology.
“We are excited to work with local banks, acquirers, merchants, and the government in bringing these innovations to the Philippine market. Working with the right partners will help us translate these global innovations into real, tangible impact for local stakeholders,” Navarro said.
Cutting-edge innovations
“The Philippines’ digital economy remains vibrant, and Visa’s cutting-edge innovations are key to keeping the country at the forefront of payment technology,” Visa Head of Product for Southeast Asia Poojyata Khattar added.
Micro, small and medium enterprises contribute 40 percent to the country’s gross domestic product and employ 63 percent of its total labor force.