Digital payments platform Visa strengthens its mission to provide a seamless and safe way for overseas Filipino workers (OFWs) to send and receive money amid the holiday remittances peak through its intuitive services.
Visa offers a card feature that allows cardholders to quickly receive funds sent from anywhere in the world. Customers with a Visa card issued in the Philippines may receive remittances by just providing their card number to the sender.
According to Visa, this is among their efforts to simplify digital money movement especially for OFWs, small- and medium-sized enterprises owners, and the outsourcing and freelance industries.
“The Philippines has a robust OFW remittance market, contributing approximately 8.5% of the country’s GDP. With digital money movement solutions, Filipinos now have more options to send money back home. This shift simplifies financial support and fosters greater financial inclusion, enabling access to secure, regulated digital channels,” said Visa Philippines country manager Jeffrey Navarro.
He added that Visa recognizes the role of OFW remittances in driving economic resilience, that’s why they remain committed to enhancing digital money movement solutions extended to empowering digital works and SME owners.
As digital money movement services become more accessible to a wider population, more Filipinos are expected to adapt them in the coming years.
In fact, the “Money Travels: 2024 Annual Remittances Adoption” survey revealed that 58% of Filipinos said that they prefer to use digital money movement services frequently moving forward while only 24% chose traditional money movement services.