Visa and RCBC Partnership for Visa Direct in the Philippines

The partnership between Visa and Rizal Commercial Banking Corporation (RCBC) aims to introduce Visa Direct, offering real-time payment capabilities and enhanced money transfer solutions within the Philippines.

Leveraging partnerships with Thunes, TerraPay, and Tencent since its launch over a decade ago, Visa Direct has significantly improved digital wallet usage and financial inclusion in more than 190 countries, handling transactions in over 160 currencies.

The real-time push payment platform enables direct delivery of funds to eligible cards, bank accounts, and wallets worldwide, supporting person-to-person (P2P) payments with speed and security.

Global Context for Digital Payments

Around the world, over a billion people make or receive payments and remittances annually. According to the World Bank, global cross-border payments and remittances amounted to approximately USD 905 billion in 2024, marking a 4.6% increase from the previous year. This trend towards digital payment methods is reshaping how individuals send and receive money.

With 74% of respondents favoring digital transactions for sending or receiving payments and remittances, Visa and RCBC capitalize on this shift in preferences. The focus areas include improved fraud detection systems and multi-currency wallets to enhance the user experience.

Expanding Digital Financial Services in the Philippines

The alliance with Visa Direct represents a significant step towards expanding digital financial services in the Philippines, particularly given that 74% of respondents prefer digital remittances. RCBC sees this as a crucial move to offer more secure and convenient international transfers.

RCBC is committed to fostering inclusive, technology-driven banking practices, aiming to make money movement faster and more accessible for its customers.