Visa has partnered with Rizal Commercial Banking Corporation (RCBC) to launch its Visa Direct platform in the Philippines. The service enables real-time outbound cross-border payments and money transfers from the Philippines to eligible cards, bank accounts, and wallets in over 190 countries and territories.

Visa Direct is a real-time push payment platform that facilitates international fund transfers. The launch comes as the global cross-border payments market continues to grow. The World Bank estimates that it has reached USD $905 billion in 2024.

The service targets a strong local demand for digital options. A recent survey by Visa showed that roughly 75% of Filipino respondents prefer to send remittances digitally. It is one of the highest rates in the Asia-Pacific region.

The partnership aims to improve financial access for Filipinos.

“In partnering with RCBC with this innovation, we hope to bridge outbound cross-border payment gaps and help widen financial inclusion,” said Jeffrey Navarro, Visa Country Manager for the Philippines.

Lito Villanueva, an Executive Vice President at RCBC, added that the service strengthens their push for inclusive, tech-enabled banking by making global money transfers faster and more accessible.

The Visa Direct network reaches over 8.5 billion endpoints globally and transacts in 160 currencies.

Both Visa and RCBC have stated they are looking to integrate additional features into their partnership in the future, including enhanced fraud detection mechanisms and multi-currency wallets.

Featured image by fadfebrian via Freepik.