News about Visa’s
push into the payments space seem endless nowadays – the card
issuer has now announced that it agreed a deal with the Union Bank
of the Philippines to introduce remittance services to Visa debit
card holders on the Asian island.
The launch of the
service links to Visa’s agreement in the UAE, a hub for Filipino
workers, with the United Arab Emirates Exchange.
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Overseas workers will
now be able to transmit funds from one of 90 UAE Exchange branches
by using the recipients Visa card number.
He said that adding a
remittance features to VISA cards made “a lot of sense”, citing the
Philippines as one of the world’s most sophisticated remittance
markets.
“Demand for more
advanced remittance channels is strong for several reasons – the
increasing preference for electronic over cash-based remittance
options, the need for security and trust and the Philippines’
increasingly internationally-based workforce,” he said.
According to
Jamieson, the service may be extended to other countries with a
high number of Filipino workers, such as Canada, the US, China,
Korea, Singapore and Australia.
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