Visa, a digital payments processor, has partnered with the Credit Card Association of the Philippines (CCAP) to enhance financial education in the country. The collaboration will integrate Visa’s Practical Money Skills program into CCAP’s training sessions, equipping Filipinos with the knowledge needed to manage their finances effectively.
“Providing financial education in the Philippines is crucial for making digital payments accessible and empowering Filipinos,” said Jeffrey Navarro, country manager for Visa Philippines. “By offering our education modules, we aim to reach a broader audience and equip individuals with essential skills for the digital economy.”
The partnership aims to increase financial literacy, which can encourage the shift to digital payments. Visa’s Consumer Payment Attitudes Study found that cash usage in the Philippines declined to 87% in 2023, down from 96% in 2022. The study also showed that 83% of Filipinos attempted to go cashless, with 43% carrying less cash than the previous year.
“This partnership with Visa allows us to leverage their expertise to reach more Filipinos and help them navigate the digital landscape,” said Alex Ilagan, executive director of CCAP. “This initiative also aligns with CCAP’s collaborative efforts with the Bangko Sentral ng Pilipinas to promote responsible credit card use and financial literacy among Filipinos. Together, we are building a more inclusive and digitally-savvy Philippines.”