Visa (NYSE: V), a global leader in digital payments, has partnered with Rizal Commercial Banking Corporation (RCBC), one of the largest universal banks in the country, to launch Visa Direct, enabling fast, secure, and convenient real-time payments and money transfers to billions of accounts across more than 190 countries and territories. This collaboration advances outbound cross-border payment solutions for Filipinos, empowering consumers and businesses alike to meet the growing demands of a globalized economy.
From left to right – Rizal Commercial Banking Corporation (RCBC) First Senior Vice President and Head of Transaction Banking Group, Executive Vice President and Chief Innovations and Inclusion Officer, President and Chief Executive Officer Reginaldo Cariaso alongside Visa Philippines Country Manager Jeffrey Navarro, Director for Commercial and Money Movement Solutions, and Visa Direct Head of Banks for Asia Pacific Qinwen Xiao.
Over one billion – or one in every eight people worldwide – send or receive payments or remittances every year, and the World Bank estimates that global cross-border payments and remittances reached $905 billion in 2024, or an increase of 4.6% from the previous year. The advent of digital payments is transforming cross-border payments and remittances too. that 67% of respondents prefer to send or receive payments or remittances digitally, with users highlighting ease of use, safety, and security as key benefits.
The Philippines, along with India, is the top market in Asia Pacific with the highest percentage of respondents preferring to send remittances digitally at 74%, highlighting strong digital adoption among Filipinos. With Visa Direct, Filipinos now have more options to make secure and efficient money transfers to anyone, anywhere across the globe.
Visa Direct is a real-time push payment platform that facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets worldwide. Launched over a decade ago, Visa Direct revolutionized fund disbursements and peer-to-peer (P2P) payments with its fast, secure, and convenient platform. Reaching over 8.5 billion endpoints in more than 190 countries and territories and transacting in 160 currencies, Visa Direct builds on partnerships with companies like Thunes, TerraPay, and Tencent to enhance digital wallet usage and financial inclusion.
“Digital cross-border payments and remittances are crucial in supporting the Philippine economy – and Visa Direct underscores Visa’s commitment to fast, secure, and convenient money movement platforms to connect Filipinos to more opportunities beyond borders. In partnering with RCBC with this innovation, we hope to bridge outbound cross-border payment gaps and help widen financial inclusion. We look to working with other partners as well in helping transform remittances for Filipino consumers and businesses here and across the world,” said Jeffrey Navarro, Visa Country Manager for the Philippines.
Navarro added that both Visa and RCBC are looking to integrate additional features in the partnership, including enhanced fraud detection mechanisms and multi-currency wallets.
“Visa Direct strengthens our push for inclusive, tech-enabled banking by making global money transfers faster and more accessible. This is a vital step in expanding digital financial services for every Filipino, said Lito Villanueva, Executive Vice President and Chief Innovations and Inclusion Officer of RCBC.
“RCBC continues to lead innovation in banking and digital payments, and this partnership with Visa outlines our steadfast commitment to convenience, speed, security and flexibility for our customers,” added Reginaldo Cariaso, President and Chief Executive Officer of RCBC.
