Visa and RCBC Launch Real-Time Cross-Border Payment Service in the Philippines

Visa has teamed up with Rizal Commercial Banking Corporation (RCBC) to introduce Visa Direct in the Philippines, a real-time cross-border payment platform designed to facilitate fast, secure international money transfers. This new service allows Filipinos to send funds instantly from the Philippines to eligible cards, bank accounts, and digital wallets in over 190 countries and territories. The launch comes amid a surge in global cross-border payments, which the World Bank estimates reached USD 905 billion in 2024.

Visa Direct is a push payment platform enabling real-time outbound transfers, offering a seamless alternative to traditional remittance channels. With access to more than 8.5 billion endpoints globally and support for transactions in 160 currencies, Visa Direct provides broad coverage and versatility for users sending money internationally. This rollout aims to streamline cross-border payments, enhancing convenience for millions of Filipinos with family members abroad.

Addressing Growing Demand for Digital Remittance Options

The move comes in response to strong local demand for digital financial services in the Philippines. According to a recent Visa survey, about 75% of Filipino respondents prefer to send remittances digitally, one of the highest rates across the Asia-Pacific region. This trend reflects increasing reliance on digital channels, driven by the need for speed, security, and ease of access in managing money transfers.

Jeffrey Navarro, Visa’s Country Manager for the Philippines, highlighted the strategic importance of the partnership: “In partnering with RCBC with this innovation, we hope to bridge outbound cross-border payment gaps and help widen financial inclusion.” He emphasised that Visa Direct will help make international payments more accessible to underserved communities.

Lito Villanueva, Executive Vice President at RCBC, underscored the service’s role in advancing tech-enabled, inclusive banking. “This platform strengthens our commitment to making global money transfers faster and more accessible for our customers,” Villanueva said.

Looking ahead, both Visa and RCBC plan to enhance the platform by integrating features such as advanced fraud detection and multi-currency wallets, further increasing security and flexibility for users. These enhancements aim to support the evolving needs of Filipinos and foster greater financial inclusion through technology.