Visa, a global leader in digital payments, has partnered with Rizal Commercial Banking Corp. (RCBC), one of the largest universal banks in the Philippines, to launch Visa Direct.
The partnership enables fast, secure and convenient real-time payments and money transfers to billions of accounts across more than 190 countries and territories, advancing outbound cross-border payment solutions for Filipinos.
The partnership aims to meet the growing demands of a globalized economy, according to the two companies.
More than a billion people worldwide send or receive payments or remittances annually. The World Bank estimates global cross-border payments and remittances reached $905 billion in 2024, a 4.6-percent increase from the previous year.
Digital payments are transforming this landscape, with 67 percent of respondents preferring to send or receive payments or remittances digitally, citing ease of use, safety and security as key benefits.
The Philippines, alongside India, leads Asia Pacific with 74 percent of respondents preferring to send remittances digitally, highlighting strong digital adoption among Filipinos. Visa Direct offers Filipinos more options for secure and efficient money transfers globally.
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, it has 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,” said Jeffrey Navarro, Visa country manager for the Philippines.
“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, 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 Navarro.
Navarro said Visa and RCBC are exploring integrating additional features, 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,” said Reginaldo Cariaso, president and chief executive of RCBC.
