Visa, a global leader in digital payments, has signed a memorandum of understanding with the Philippine Postal Corporation (PHLPost) to expand Filipinos' access to financial services, especially in underserved rural communities.
Visa and PHLPost collaborate to modernise financial services in rural areas.
The partnership enhances remittances, subsidies and disaster relief.
It improves financial literacy and develops secure, seamless payment systems for MSMEs.
Visa has partnered with Philippine Postal Corporation (PHLPost) to expand financial services for Filipinos, particularly in underserved rural areas in the Philippines. The collaboration combines Visa's digital payments strength and PHLPost's broad reach to service these communities and deliver life-enhancing services like remittances, health subsidies and disaster response.
Visa's digital payment architecture will help PHLPost modernise its financial services securely and efficiently. With Visa's support, PHLPost can now offer more accessible financial products to Filipinos, who rely on postal services for Overseas Filipino Worker (OFW) remittances.
Enhancing financial literacy and security for small businesses and individuals
This partnership also seeks to improve financial literacy, especially among micro, small, and medium-sized enterprises (MSMEs), key drivers of the nation's economy. Many MSMEs struggle to navigate available services, limiting their access to financial products. Visa and PHLPost will provide them with best practices and financial education to bridge this gap.
This alliance is a significant step toward enhancing the Philippines' financial infrastructure. By leveraging secure digital payment systems, Visa and PHLPost will enable safer transactions, boosting consumer confidence. The partnership aims to minimise risks, protect funds and streamline financial services, benefiting both rural and urban communities.
Visa and PHLPost strive to bridge financial gaps for Filipinos at home and abroad by modernising services, strengthening financial literacy and enhancing security, ensuring financial inclusivity for all.