Visa, a global leader in digital payments, is at the forefront of Southeast Asia’s shift towards a cashless society. As mobile wallet adoption surges in the region, Visa is expanding consumer choices by enabling Visa cardholders to use their cards directly with merchants and popular e-wallets like Maya and GrabPay in the Philippines.
Jeff Navarro, Visa Country Manager for the Philippines, highlighted Visa’s commitment to this transition: “According to Visa’s Consumer Payment Attitudes 2024 study, 87% of respondents in the Philippines have used mobile wallets in the past year. Our partnerships with e-wallets like Maya and GrabPay allow Visa cardholders to fund their wallets effortlessly. This aligns with the growing preference for cashless transactions in the country and supports small businesses by enhancing their payment capabilities. At Visa, our goal is to offer seamless and secure digital payment options that promote financial and digital inclusion.”
Starting May 1, 2024, Visa cardholders in the Philippines can take advantage of the “Cash-In for Free” program, which allows Maya wallet users to add funds to their accounts at no cost. This offer is available to all Maya wallet users with a local mobile number residing in the Philippines during the promotional period.
Moreover, GrabPay users can also continue to top up their wallets for free using Visa debit, credit, or prepaid cards. GrabPay offers additional convenience with automatic reloads, ensuring wallet balances are replenished when they fall below a set amount, thus enhancing the overall payment experience.
Cards and Digital Wallets: A Growing Trend in Southeast Asia
Visa has extended its partnerships beyond the Philippines, collaborating with e-wallets such as Vietnam’s MoMo, VNPAY, ZaloPay, and Indonesia’s DANA. According to Visa’s latest Consumer Payment Attitudes study, over 25% of e-wallet cash-ins are funded through bank accounts or credit and debit cards, underscoring a trend towards simplified transactions and reduced need for repeated credential entry.
Visa’s research from the first half of 2023 reveals that one in three respondents applied for a new card, with 43% motivated by the desire to integrate these cards into mobile wallets, reflecting the growing synergy between cards and digital wallets.
The Green Shoots Radar survey, conducted with 9,900 respondents across 17 Asia-Pacific markets in June 2024, shows that consumers are increasingly using cards to fund mobile wallets, with 29% in Indonesia, 24% in the Philippines, and 39% in Vietnam. The key reasons cited include convenience, expense tracking, seamlessness, and security.
Poojyata Khattar, Head of Products and Solutions for Southeast Asia, emphasized Visa’s strategic approach: “Innovation and partnerships are crucial for advancing payment systems. By collaborating with leading e-wallets in the region, Visa is expanding consumer options and setting a new standard for convenience, reliability, and security in payments.”
As Southeast Asia continues to integrate cards and digital wallets, Visa is committed to empowering individuals and businesses, fostering a more accessible and inclusive economy.
