Visa expands consumer choice with e-wallet partnerships in the Philippines and Southeast Asia

Visa, a global leader in digital payments, is actively supporting Southeast Asia's journey into becoming a cashless society. As mobile wallet usage grows in the region, Visa enhances consumer options by enabling cardholders to use their cards directly with merchants or e-wallets such as Maya and GrabPay in the Philippines.

Jeff Navarro, Visa Country Manager for the Philippines, said: “Visa’s research found that in the Philippines, 87% of surveyed respondents have used their mobile wallets in the last 12 months^[1]. Our partnerships with e-wallets in the Philippines enable Visa cardholders to cash in their wallets using their cards issued in the Philippines, which is in alignment with the growing preference for cashless transactions in the Philippines. These partnerships provide consumers with more choices and support small businesses by enhancing their ability to accept payments, keeping pace with the expanding use of digital payment methods like cards and mobile wallets. At Visa, we're committed to broadening access to diverse digital payment options that are seamless and secure, to promote financial and digital inclusion."

51% of women-led SMEs surveyed in the Philippines experience increased revenue after accepting digital payments

Visa, a global leader in digital payments, conducted a survey on small and medium-sized businesses (SMEs) in the Philippines. Findings show that 51% of women-led SMEs and 56% of micro-businesses experienced revenue growth with digital payments adoption. Given women constitute over half of Asia's population and SMEs' vital role in the economy, maximizing women's economic potential could add $89 billion annually to the Asia Pacific economy including in the Philippines.

SMEs are crucial for  economic growth in the Philippines, with more than a million Micro, Small, and Medium Enterprises (MSMEs) in the country. The Philippines’ Department of Trade and Industry data show that 99.5% of businesses in the country are MSMEs with almost 50% of them in wholesale and retail trade, generating 65% of total employment. Furthermore, the Asian Development Bank estimated that MSMEs contribute around 36% of the country’s GDP^[1].

The Visa study found that managing businesses has become easier for 72% of the surveyed SMEs in the Philippines. Wallets, predominantly GCash, dominate as the main provider of digital payment for SMEs, especially those that are female-led (61%) who were surveyed in the Philippines. Visa has partnered with GCash to introduce the new GCash Card – giving millions of unbanked Filipinos access to the benefits of owning a payment card.

Visa supports women-owned SMEs and youths in Southeast Asia with digital and financial skills

Visa, a global leader in payment solutions, is committed to promoting digital and financial inclusion by equipping women and youth in Southeast Asia with essential digital and financial skills, to foster sustainable growth and pave the way for long-term success. An OECD report^[1] found that rural communities, women, and certain ethnic minority groups face barriers to realizing the full uptake of digital options. Many frequently encounter growth hurdles due to cultural and institutional obstacles, coupled with a preference for informal financing.

Southeast Asia's young population, who constitute nearly a third of Southeast Asia, along with the region's SMEs and MSMEs, which constitute 99% of businesses, are key to economic growth. Visa is aiding this progress by enhancing digital and financial literacy for women SME owners and young individuals. In 2023, Visa digitally enabled 10 million SMEs in Asia Pacific. Visa Foundation has committed over $47M in the region, which has helped support two million women-led SMEs and sustain 500,000 jobs, and recently pledged $100M to APEC economies over five years.

Visa launches SME online toolkit to enable tourism merchants to maximize benefits of contactless payments

New resource provides step-by-step instructions so that businesses can maximize the benefits of Visa’s digital payment services, a key solution to boost tourism in the Philippines

Visa, a world leader in digital payments, is introducing resources to help Filipino merchants, especially small and medium-sized businesses (SMEs), take full advantage of Visa’s digital payment solutions to optimize the customer shopping experience and increase sales, particularly in the tourism sector. This is part of Visa’s commitment to empower Filipino SMEs and boost tourism, a crucial growth sector for the economy, by helping more merchants offer seamless contactless payments. By partnering with Visa, merchants can leverage the trust inherent in Visa’s brand name, which was named the world’s most valuable payments brand and the sixth most valuable brand in the world^[1].

Visa’s Financial Literacy Program Educates More Than 36,000 Students and Teachers

Lukot-lukot, Bilog-bilog teaches young Filipinos the value of making wise financial decisions.

Photo from the Bangko Sentral ng Pilipinas.

Visa’s financial literacy program, launched in 2017, has educated over 36,000 students and teachers in 30 cities.

Teaming up with Tanghalang Pilipino and Teach for the Philippines, Visa launched the tagalog skit, Lukot-lukot, Bilog-bilog three years ago, with support from Bangko Sentral ng Pilipinas. The interactive play focused on Gwyneth, a young student faced with several money management decisions throughout the story. With the help of her best friend, grandfather, and national heroes who came to life from the money she held, Gwyneth had to make informed financial decisions.