Visa & PHLPost to Provide Financial Services to the Undeserved

Visa and the Philippine Postal Corporation (PHLPost) have formed a partnership to broaden financial services and access, particularly for Filipinos in remote areas.

This collaboration aims to modernise PHLPost’s essential services, including remittances, money orders for overseas Filipino workers (OFWs), and the distribution of crucial social welfare and disaster relief funds.

Visa will contribute its global payment network and digital expertise, streamlining transactions, bolstering security, and enhancing accessibility.

A key focus of this initiative, as emphasised by Visa’s Country Manager for the Philippines and Guam, Jeff Navarro, is to ease the financial burdens faced by OFWs, who play a vital role in supporting families across the Philippines.

“Through this initiative, we aim to ease their burden by streamlining financial transactions and reducing remittance costs, ensuring they receive the support and recognition they truly deserve,” Jeff Navarro said.

Moreover, the Visa-PHLPost partnership will empower micro, small, and medium enterprises (MSMEs) by enhancing financial literacy and business skills. Both Visa and PHLPost will share some of their best practices to create more efficient, secure, and accessible financial tools for individuals and businesses alike.

PHLPost, leveraging its extensive nationwide network, will also integrate digital payment solutions to improve transaction efficiency and security, while maintaining strong governance.

A PHLPost representative highlighted that this partnership is a critical step in modernising services and providing essential financial tools to underserved communities.

Ultimately, by combining the digital payment capabilities from Visa with the widespread capability and reach by PHLPost, the initiative seeks to foster a more inclusive financial ecosystem and services, significantly benefiting OFWs and rural communities through reduced remittance costs and secure access to essential financial services.

Source: Fintech Philippines