Visa, a world leader in digital payments, is partnering with UnionBank of the Philippines and PayMongo to bring Visa Installment Solutions to the country, an innovative program that will soon enable Filipino consumers to easily access “Buy Now, Pay Later” (BNPL) financing.
Visa Installment Solutions will offer all UnionBank credit cardholders the flexibility to pay in interest-free monthly installments for their purchases, both in-store and online. It will also allow PayMongo merchants to accept payments from UnionBank customers directly from their websites or online stores.
“We are proud to introduce Visa Installment Solutions very soon with UnionBank as our first-ever issuer in the Philippines, and with PayMongo as our payment facilitator, who both share our long-term commitment to promote financial inclusion among Filipinos by offering secure and seamless flexible payment solutions. This initiative will not only benefit our valued partners but also contribute to our economy, particularly in light of the growing popularity of BNPL options among Filipinos,” Jeff Navarrro, Visa Country Manager for the Philippines and Guam said.
UnionBank and PayMongo will be the first financial institutions in the Philippines to adopt this solution, providing customers with an additional payment option, starting with domestic purchases first, to be followed later by cross-border capabilities.
“UnionBank is thrilled to collaborate with Visa as the first local bank to adopt Visa Installment Solutions which will be offered very soon to Filipinos. By leveraging our combined expertise and network, we seek to fuel the growth of a payment ecosystem that benefits consumers, merchants and organizations towards a cashless Philippines,'' Vishal Kadian, UnionBank’s Head for Cards and Personal Loans shared.
“We are very excited about our partnership with Visa for Visa installments. This is a game-changing collaboration that will transform the way businesses and customers transact. This exciting development underscores our commitment to providing innovative payment solutions and empowering merchants with the tools they need to succeed. Together with Visa, we are reshaping the payment landscape and opening up new possibilities for businesses and consumers alike,” Jojo Malolos, PayMongo Philippines CEO added.
The adoption and upcoming launch of Visa Installment Solutions in the country aims to support the growing demand and usage of BNPL options among Filipinos. Visa’s latest Consumer Payment Attitudes Study[1] revealed that consumers in the Philippines have an average of 5.8 BNPL plans in the last two years, with most purchases falling into categories such as electronic gadgets, home appliances, and fashion and accessories.
First launched in 2019, Visa Installment Solutions has since been adopted in the USA, Canada, Malaysia and Hong Kong, and will soon be available to more countries and territories in the Asia Pacific region.
To know more about Visa Installment Solutions, please visit www.visa.com.ph.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About UnionBank of the Philippines
Union Bank of the Philippines (UnionBank) has always been among the first to embrace technological innovations to empower its customers. Undoubtedly the Philippines' pioneer in digital banking, UnionBank is committed to be the region's digital trailblazer to best serve the growing needs of Filipinos everywhere.
It has consistently been recognized as one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency garnering a record-breaking number of awards and recognitions.
On its aspiration to become a Great Retail Bank, UnionBank is determined to be an enabler of the Philippines’ bid to be a G20 country by 2050. It stands firm in its promise to power the future of banking through "Tech-Up Pilipinas" while co-creating innovations for a better world.
About PayMongo
Founded in 2019, PayMongo is an online payments processing company that aims to grow the internet economy of emerging markets. The company allows businesses in the Philippines to accept payments of all types over the Internet quickly and easily.
PayMongo’s standard, easy-to-integrate API and e-commerce plugins accelerate internet businesses by lowering integration time with a few lines of code. The company's PayMongo Links and Pages products enable businesses to provide a simple digital checkout for their customers, even without a website. PayMongo's payment platform delivers fast onboarding, consistent checkout experiences and robust fraud detection systems.
PayMongo is the first Philippine fintech startup backed by Silicon Valley-based Y Combinator, the premier startup accelerator in the world. In February 2022, it secured $31 million in Series B financing with support from Justin Mateen's JAM Fund, ICCP-SBI Venture Partners, Lisa Gokongwei’s Kaya Founders, Global Founders Capital and SOMA Capital. To date, the company has raised a total funding amount of almost $46 million, including their $12 million Series A round in September 2020 and $2.7 million seed round in September 2019. Other notable investors in the company include Stripe, Peter Thiel, Y Combinator and Bedrock Capital.
[1] Conducted annually, the Consumer Payment Attitudes Study provides insights into consumer payment behaviors in key markets, including the Philippines. The latest survey, conducted from September to October of 2022, interviewed 1,000 Filipino consumers aged 18 to 65 years old.
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