Mastercard, RCBC launch send-to-card fund transfer service

MASTERCARD and Rizal Commercial Banking Corp. (RCBC) have teamed up to launch a send-to-card money transfer service in the Philippines.

Mastercard Send is part of the Mastercard Move portfolio of money transfer solutions, which will allow RCBC to provide its cardholders a new channel for international payments, the two companies said in a statement on Thursday.

It will allow overseas Filipino workers (OFWs) from over 100 countries worldwide to transfer funds from a licensed originating institution to any RCBC Debit Mastercard cardholder.

“The introduction of Mastercard Send to the Philippines comes at an opportune time, as remittances are expected to increase by 5% this year,” RCBC Global Transaction Banking Group Head and First Senior Vice-President Martin Roberto G. Tirol said.

“As we consistently explore ways to transform banking for our cardholders, this cross-border send to card service offers easy, seamless, and efficient transactions to Filipinos all over the world,” he added.

Mastercard Philippines Country Head Simon A. Calasanz said the service will help facilitate “straightforward and hassle-free” remittances.

“As remittances continue to fuel consumption and boost the country’s economic resilience, Mastercard Send stands out as a cutting-edge payment solution. It enables fast, secure, and efficient fund transfers, taking place almost instantly from over 100 countries to families here in the Philippines,” Mr. Calasanz added.

Money sent home by OFWs rose by 3.6% to $2.58 billion in May from $2.49 billion in the same month a year ago, latest data from the Bangko Sentral ng Pilipinas showed. This was the fastest growth in five months or since the 3.8% expansion since December 2023.

Month on month, remittances inched up by 0.8% from $2.56 billion in April. — AMCS