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| (Image Source: Visa/Grab Philippines/Maya Philippines Inc.) |
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.
Visa Philippines Country Manager Jeff Navarro said, “Visa’s research found that in the Philippines, 87% of surveyed respondents have used their mobile wallets in the last 12 months. 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.” In the Philippines, Visa cardholders can cash in their Maya wallets for free as part of the “Cash-In for Free” program which effectively started last May 1, 2024. This offer is available during the promotional period to all Maya wallet users with a mobile number from any local telecommunications provider who is currently residing in the Philippines. Additionally, GrabPay users can continue to cash into their wallets for free with their Visa debit, credit, or prepaid cards, benefiting consumers and small businesses through the wider acceptance of mobile wallets. GrabPay users also have the option to set up automatic reloads which replenish their wallet balances once they drop below a specific amount, creating a seamless payment experience.
Across the region, Visa has likewise forged partnerships with Vietnam’s MoMo, VNPAY, and ZaloPay alongside Indonesia’s DANA to provide Southeast Asia with seamless digital wallet funding options as Visa’s latest Consumer Payment Attitudes study shows that more than a quarter of cash-ins to e-wallets come from either bank accounts or credit and debit cards. This trend simplifies transactions by eliminating the need for repeated credential entry. Previous Visa research supports this trend revealing that during the first half of 2023, one in three respondents applied for a new card, with 43% motivated by the desire to integrate these cards into mobile wallets, thus highlighting the growing convergence and coexistence of cards and digital wallets. While the majority of payments are made from existing e-wallet balances, Visa’s latest Green Shoots Radar survey found that consumers use their cards as a source of mobile wallet funding at 29% for Indonesia, 24% in the Philippines, and 39% of surveyed consumers in Vietnam. Respondents cited convenience, the ability to track expenses, seamlessness, and security as some of the top factors for topping up their wallets using cards.
Visa Southeast Asia's Head of Products and Solutions Poojyata Khattar said, “Innovation and strategic alliances are vital to advancing the payments system. Visa is broadening consumer options by partnering with leading e-wallets in the region to allow consumers to use their choice of funding methods, including their Visa cards. By collaborating with Southeast Asian e-wallets, Visa is set to revolutionize payment methods, creating a future for the payments industry focused on convenience, reliability, and security.” As Southeast Asia continues to embrace the integration of cards and digital wallets, Visa empowers individuals and businesses by providing access and fostering a more open and inclusive economy.
