Visa, a digital payment processor, has partnered with USSC Money Services Inc. (UMSI) to introduce Visa Direct in the Philippines, expanding digital options for cross-border payments and business remittances.
The collaboration will improve how small and medium businesses move money overseas. According to Visa’s “Money Travels: 2024 Digital Remittances Adoption” report, the Philippines is not only a top remittance-receiving country but also a key player in outbound business payments. These include payments for suppliers, overseas procurement, and merchant settlement. The report estimated a $151-billion market for outbound money transfers, with 58 percent of Filipinos preferring digital methods.
Visa Direct allows users to send money directly to eligible cards, bank accounts, and digital wallets in over 195 countries and territories. The platform supports more than 150 currencies and connects to over 11 billion endpoints.
“We are pleased to partner with UMSI to enhance digital remittance and payments services in the Philippines,” said Jeffrey Navarro, country manager for the Philippines of Visa. “Visa Direct aims to be Asia Pacific’s premier real-time payment platform by focusing on continuous innovation and expanding collaborations.”
Serving OFWs
UMSI, which operates USSC branches and the U Mobile app, sees this as a way to better serve overseas Filipino workers and those without bank accounts.
“Cross-border payments and remittances have steadily converged across settlement systems, and USSC is proud to be at the forefront of this evolution in partnership with Visa,” said Jose Xavier Gonzales, UMSI president and CEO. “By combining our physical stores and digital tools, we continue to drive financial inclusion for Filipinos worldwide.”
Visa and UMSI also previously worked together on the U Visa Prepaid Card, which helps new-to-bank users manage finances digitally.