Visa and USSC Partner to Revolutionize Payment Solutions

Visa, a worldwide leader in digital payments, has teamed up with USSC Money Services Inc. (UMSI) for a strategic issuing and Money Movement partnership to introduce Visa Direct in the Philippines. This partnership signifies an important achievement in improving digital payment and remittance services in the area.

Although frequently recognized as one of the top remittance-receiving nations globally, the Philippines continues to excel in the outbound money transfer sector, especially for business-to-business (B2B) transactions.

Visa’s report titled “Money Travels: 2024 Digital Remittances Adoption” highlights a $151-billion opportunity in the outbound market, primarily driven by business-related transactions. These encompass payments to suppliers, import/export activities, merchant transactions, and international purchasing of goods and services for numerous small and medium enterprises (SMEs).

Digital techniques are also fueling the growth of cross-border payments. The report also revealed that 58 percent of Filipinos favor digital money transfer options, with numerous individuals pointing to high charges, slow processing times, and the necessity of going to a physical site as typical challenges in conducting cross-border payments and remittances.

To encourage the expansion of outbound cross-border business payments in the Philippines, Visa Direct enables the direct transfer of funds to qualifying Visa Direct cards, bank accounts, and wallets across numerous regions globally.