Visa, a global leader in digital payments, has partnered with USSC Money Services Inc. (UMSI), on a strategic issuing and Money Movement partnership to launch Visa Direct in the Philippines. This collaboration marks a significant milestone in enhancing digital payment and remittance solutions in the region.
While often cited as one of the largest remittance-receiving countries in the world, the Philippines remains strong in the outbound money movement market, particularly for business-to-business (B2B) payments.
Visa’s “Money Travels: 2024 Digital Remittances Adoption” report reveals that there is a $151-billion outbound market opportunity, the majority of which cover business-related flows. These include supplier payments, export/import, merchant settlement, and overseas procurement for goods and services for many small and medium enterprises (SMEs).
Digital methods are driving cross-border payment growth too. The same report found that 58 percent of Filipinos prefer digital money movement methods, with many citing high fees, lengthy processing, and the need to visit a physical location as common pain points in making cross-border payments and remittances.
To foster the growth of outbound cross-border business payments in the Philippines, Visa Direct facilitates the transfer of funds directly to eligible Visa Direct cards, bank accounts, and wallets in many jurisdictions around the world.
