4 hours ago
2
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Ana Crescini - Philstar.com
June 9, 2025 | 6:02pm
The Philippines is among the world’s largest recipients of remittances, with inflows exceeding $38.3 billion in 2024, according to Bangko Sentral ng Pilipinas data.
Leung Cho Pan via Canva Pro
MANILA, Philippines — Global payment services firm Visa Inc. and Maya, one of the Philippines’ largest digital banks and fintech players, have rolled out a service that lets users directly fund their local wallets from foreign-issued Visa cards.
The move, which would enable the companies to capture a larger slice of the country’s multibillion-dollar remittance market, allows Maya users to transfer funds from Visa cards issued overseas—such as those held by overseas Filipino workers (OFWs) or frequent travelers—their Philippine-based digital wallets.
From there, users can spend, save or invest locally, according to company executives.
The service expands the companies' share in Philippine payments landscape by capturing cross-border transaction flows—particularly remittances, which remain a significant economic driver.
It also gives Maya, formerly known as PayMaya, an opportunity to attract OFWs and their families, a segment that has long relied on traditional remittance channels.
The Philippines is among the world’s largest recipients of remittances, with inflows exceeding $38.3 billion in 2024, according to Bangko Sentral ng Pilipinas data. Digital channels have gained traction in recent years as consumers seek faster and cheaper alternatives to cash remittances.
