Bank of the Philippine Islands (BPI) is set to offer real-time international money transfers through a new partnership with Visa.
The service will use Visa Direct, a payment platform that enables customers to send funds to eligible bank accounts, cards, and digital wallets in different countries through the BPI mobile app.
According to the companies, the feature is intended to simplify cross-border transfers by allowing users to send money abroad directly from their accounts.
Visa Direct currently connects to more than 12 billion endpoints across over 195 countries and supports transactions in more than 150 currencies.
According to Visa, a majority of Filipinos surveyed have used digital channels to send or receive money from overseas.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances sent through banks reached USD 2.79 billion in February, up from USD 2.72 billion a year earlier.
The BSP expects remittances to continue increasing this year.
ManilaShaker is a tech media producing insightful and helpful content for our local and growing international audience. Our goal is to create a premier Philippine digital consumer electronics resource that provides the most objective reviews and comparisons globally.
