VISA Philippines wants to boost outbound transactions through a digital payment platform that lowers the cost and speeds up sending money offshore.

The company has been promoting its Visa Direct platform to various partners, including banks, remittance centers, e-wallets, pawnshops, and nonbank financial institutions, Visa Philippines Country Manager Jeffrey V. Navarro said at a briefing on Tuesday.

Visa Direct is active in 190 countries and territories, sends money to 8.5 billion endpoints, and supports 160 currencies.

Visa Philippines is looking to increase the volume of money coursed through the platform by partnering with more local banks and nonbank financial institutions, Mr. Navarro added.

“My own aspiration is, let’s get the ball rolling and create momentum because I feel sometimes it’s very difficult to put a number there, especially since it’s just starting. Year on year, we aspire to really grow and partner with as many financial and nonfinancial institutions in this space,” he said.

Visa Direct has already partnered with the two big e-wallets, banks that have a debit or prepaid card, as well as Western Union, Moneygram, Remit.ly, and Xoom, Mr. Navarro said.

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.

It could also benefit students abroad who need allowance and money for tuition, as well as expats living in the Philippines sending money to their countries of origin, he said.

Mr. Navarro said he hopes Visa Direct could make sending money abroad as easy and convenient as person-to-person payments done via e-wallets or mobile banking apps. — AMCS

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