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The cash can then be withdrawn at the nearest automated teller machines (ATM) or used to pay for services such as bill settlements or even grocery purchases.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

  • Prosecutor says mate in SKorean ferry steering waters for 1st time
  • Malaysia asks world to pray for missing plane clue
  • 13th body pulled from snow in Everest avalanche
  • Pope sends condolences for S.Korea ferry victims
  • Drone kills 15 ‘Qaeda,’ 3 civilians in Yemen – security
  • Sports

  • MLB pitcher donates $100,000 for Sewol ferry victims
  • Hamilton takes pole at Chinese Grand Prix
  • Duke’s Rodney Hood joining Jabari Parker in NBA draft
  • Phelps entered in 3 events at comeback meet
  • Boston prepares for huge wave of marathon visitors
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • Fiat-Chrysler to produce iconic Jeep in China from 2015
  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • 5 Filipinos with MERS in UAE reported in stable condition
  • PH boosts MERS monitoring after UAE nurse scare
  • Canadians back PH plea to take back waste
  • We treasure our Sierra Madre
  • OFW from UAE tests negative for MERS-Cov–health chief
  • Marketplace