Visa, RCBC partner to boost cross-border payments with Visa Direct
PAYMENTS TECHNOLOGY company Visa has partnered with Rizal Commercial Banking Corp. (RCBC) to bring its real-time digital payment platform called Visa Direct to more consumers in the Philippines.
Visa Direct is a push payment platform that enables real-time payments and money transfers directly to eligible cards, bank accounts, and wallets.
The company said the partnership aims to boost outbound cross-border payment solutions for Filipinos amid a globalized economy.
“Digital cross-border payments and remittances are crucial in supporting the Philippine economy — and Visa Direct underscores Visa’s commitment to fast, secure, and convenient money movement platforms to connect Filipinos to more opportunities beyond borders,” Visa Country Manager Jeffrey V. Navarro said in a statement on Monday. “In partnering with RCBC with this innovation, we hope to bridge outbound cross-border payment gaps and help widen financial inclusion. We look to working with other partners as well in helping transform remittances for Filipino consumers and businesses here and across the world.”
He added that Visa and RCBC are also looking to integrate additional features under the partnership, including fraud detection mechanisms and multi-currency wallets.
“RCBC continues to lead innovation in banking and digital payments, and this partnership with Visa outlines our steadfast commitment to convenience, speed, security and flexibility for our customers,” RCBC President and Chief Executive Officer Reginaldo B. Cariaso said.
“Visa Direct strengthens our push for inclusive, tech-enabled banking by making global money transfers faster and more accessible. This is a vital step in expanding digital financial services for every Filipino,” RCBC Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva added.
Visa Direct is active in 190 countries and territories, sends money to 8.5 billion endpoints, and supports 160 currencies.
Mr. Navarro previously said Visa Philippines wants to boost outbound transactions through the platform as it can help the cost of sending money offshore and can make sending money abroad as easy and convenient as person-to-person payments done via e-wallets or mobile banking apps.
He added that the platform can be tapped by micro, small, and medium enterprises looking to expand their businesses globally and those procuring goods and services abroad, as well as students abroad who need allowance and money for tuition and expats living in the Philippines sending money to their countries of origin.
Visa said on Monday that the partnership will also help overseas Filipinos who now prefer to send remittances digitally amid the growing adoption of online payments.
The share of online payments in monthly retail transactions in the Philippines stood at 57.4% in terms of volume and 59% in value terms in 2024, the latest Bangko Sentral ng Pilipinas (BSP) data showed. These are up from 52.8% and 55.3%, respectively, in 2023.
BSP Governor Eli M. Remolona, Jr. earlier said the increases reflect the continued shift towards online payment channels amid Filipinos’ growing trust in digital financial services.
The BSP is targeting to achieve a 60-70% share of digital payments over total retail payments volume by 2028, in line with the Philippine Development Plan. — Katherine K. Chan
