01-07-2025
Visa to launch tap-to-pay service in PH this year
More Filipino consumers will soon be able to pay for goods and services by tapping their phones on point-of-sale (POS) machines with near-field communication (NFC) technology, as global payments platform Visa aims to launch its new Visa Pay service in the Philippines within the year.
According to Visa Philippines head of products and solutions Ezer Escolar on Tuesday, the Visa Pay service will be piloted with fintech ecosystem and digital bank Maya.
Visa Pay is a service designed to connect any participating wallet to any Visa-accepting merchant, local or international, in-store or online, to its global network, allowing consumers to pay globally by tapping, scanning, or online.
'The continuously growing digital payment sector in the Philippines makes it a prime environment for technological innovation—one that harnesses AI for the benefit of the digital Filipino business owner and consumer,' Visa Philippines country manager Jeffrey Navarro said.
Sought for a more definite timeline for the rollout, Navarro said it would depend mostly on the partner agencies, with Visa already in talks with more partners for the service.
'The way Visa operates is it's really a partnership model. We can only do as fast as we can, based on the capabilities of partners, and partners will have varying priorities. The intent is the soonest we can launch it; that's what we want,' he said.
"While Maya is the first to be announced, we are working and discussing with everyone," he added.
Visa will also launch other services, such as Visa Accept, that will allow micro-sellers to receive payments directly to their eligible Visa debit card using any NFC-enabled smartphone.
It is also set to roll out Flex Credential, a next-generation card that will allow users to toggle between debit, credit, and reward points, as well as stablecoin-backed cards, settlement, and programmable money.
'We are excited to work with local banks, acquirers, merchants, and the government in bringing these innovations to the Philippine market. Working with the right partners will help us translate these global innovations into real, tangible impact for local stakeholders—helping us all advance into the future of payments,' Navarro said.
Data from the Bangko Sentral ng Pilipinas show that the value of electronic fund transfers coursed through PESONet and InstaPay from January to April 2025 reached P7.15 trillion, up from P5.22 trillion in the same period last year. — VBL, GMA Integrated News
