Quantcast
Latest Stories

Visa, UnionBank tie up for money transfer business



Global credit card company Visa Inc. has entered the local remittance market with the launch of a new service that allows Filipinos in the Middle East to send money directly to their loved ones’ credit cards in the country.

In a briefing earlier this week, the company announced its new partnership with UnionBank of the Philippines for a new service that lets users receive cash from abroad to their Visa debit cards—the first of its kind in Asia.

The service, which uses Visa’s Personal Payment technology, was developed in partnership with United Arab Emirates (UAE) Exchange, a leading provider of remittance services in the Middle East.

“(This) will be the first remitter to offer the service to the Philippines, with other key markets for Filipinos working overseas added in the coming months,” it said in a statement.

It said the new service would give “millions of cardholders a faster and more convenient way to receive everyday remittances.”

Dubbed as Visa Personal Payments, the new service would allow Filipinos with local Visa debit cards, issued by UnionBank, to receive funds in near real time, putting money from thousands of miles away in recipients’ hands in a matter of minutes. The cash is sent by overseas Filipino workers (OFWs) through UAE Exchange branches abroad.

The cash can then be withdrawn at the nearest automated teller machines (ATM) or used to pay for services such as bill settlements or even grocery purchases.

“Adding a remittance feature to Visa cards makes a lot of sense as the Philippines is one of the most sophisticated remittance markets,” Visa Philippines country manager Iain Jamieson said.

About eight million Filipinos currently work abroad, remitting a total of $18.8 billion to their families in the Philippines every year based on 2010 figures from the central bank.

“Visa cards offer the best way to make purchases and withdraw cash, and they are now the best way to receive overseas remittances as well,” he said.—Paolo G. Montecillo


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , money transfer , OFW , Remittance , UnionBank , Visa Inc.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace