Digital payments firm Visa has signed a memorandum of understanding with the Philippine Postal Corporation (PHLPost) aimed at expanding access to financial services for Filipinos, particularly those in underserved sectors such as rural communities.
Under the agreement, Visa will utilize its digital payments as well as its global payments network to explore opportunities with PHLPost in modernizing and expanding the reach of its financial services, which include handling remittances and money orders for overseas Filipino workers (OFWs) as well as disbursement of healthcare subsidies, social welfare payments, and disaster relief.
Visa and PHLPost will also explore opportunities to enhance business and financial literacy for Micro, Small, and Medium Enterprises (MSMEs), as well as share best practices in making financial transactions more seamless, secure, and accessible.
Through the collaboration with Visa, PHLPost said it aims to enhance its financial offerings by integrating digital payment solutions, improving transaction efficiency, and ensuring greater security for its customers.
By modernizing its services, PHLPost said it is seeking to bridge the financial gap for communities that rely on its extensive network across the country.
