Tag: Visa

Singapore – With half of commuters in Asia Pacific using four or more different payment methods for transportation each month, Visa’s ‘Global Urban Mobility Survey’ conducted by Wakefield Research shows that 58% of respondents expressed a desire to use a single payment method for all transport modes, which would encourage them to use public transport more.

The study surveyed commuters across Australia, Indonesia, Japan and Singapore, with 96% of respondents expecting public transport providers to offer contactless payment methods, and 65% of respondents likely to use a contactless payment option for their public transport needs.

These options include contactless debit, credit or prepaid cards. Benefits cited for leveraging contactless payments include convenience, having less worry about the amount of cash on hand, and a guarantee of the best possible fare through fare capping limits.

That being said, the study also shows that half of commuters are willing to use public transport on a more frequent basis if they are fare-capped. Contactless payments guarantee exact fares for transit riders as opposed to other methods such as cash. Fare capping also limits how much a commuter pays for their total rides in a day, week or month, eliminating the need to tie up funds.

Talking about the results, T.R. Ramachandran, head of products and solutions at Visa Asia Pacific, said, “The study reveals a strong demand among commuters in Asia Pacific for seamless and convenient payment options in public transportation. At Visa, we continue to work closely with governments and transport operators to offer a unified payment experience that accommodates a wide range of payment methods to boost urban mobility by focusing on customer convenience.”

“Digital payment methods for public transport play a key role in supporting underbanked and unbanked individuals, for which public transport remains a necessity. As a leader in digital payments, Visa is committed to ensuring inclusivity in the urban mobility ecosystem through accessible financial solutions,” he added. 

Malaysia – Bank Simpanan Nasional (BSN) has announced their partnership with Visa to kick-start a collaboration focusing on enabling e-commerce for micro, small, and medium enterprises (MSMEs).

Through this strategic partnership, BSN and Visa have committed to nurturing micro-SMEs in a digital commerce training program called ‘Accelerate My Business’ (AMB). The training intends to drive the adoption of digital disbursement solutions, which will provide micro-SMEs with better financial literacy to explore more significant financing to boost their businesses.

According to BSN, the AMB training program will be divided into two module workshops aimed at digitizing the knowledge of 750 selected BSN micro-SMEs and empowering them for the next phase of their business journey.

This comprehensive initiative will run from August 2023 until March 2024, incorporating a total of 27 sessions conducted across 13 different locations nationwide, encompassing both the Sabah and Sarawak regions.

During these workshops, micro-SMEs will be equipped with essential entrepreneurial skills, covering diverse areas such as business management, financial literacy, operational efficiency, and digitalization strategies. Additionally, the AMB learning platform will play a crucial role in providing practical guidance to the participants by offering various resources. This includes interactive activities, worksheets, self-assessment tools, glossaries, and supplementary materials to support them throughout their entrepreneurial journey.

The program will also be categorised based on the entrepreneurial expertise of the participants—beginner and seasoned stages—to ensure that their diverse needs will be catered to.

Jay Khairil, chief executive of BSN, stated that by staying true to their vision of ‘No Malaysian Left Behind,’ BSN remains mindful of the community’s needs by diversifying our product and service offerings tailored to various segments.

“We have also integrated financial education resources and programs within our services to ensure our customers can access vital financial insights and practical advice. Hence, the strategic partnership with Visa is timely and coincides with our aim to drive digital transformation among micro-SMEs for enhanced operational efficiency and competitive advantage in today’s dynamic business landscape,” he added.

Meanwhile, Ng Kong Boon, country manager for Malaysia at Visa, shared that Visa sees micro and small businesses as the backbone of the Malaysian economy.

He further emphasised the importance of the partnership, saying that “we are pleased to partner with BSN as we share a common goal in empowering these enterprises with resources and tools to uplift their businesses and livelihoods, ultimately creating a ripple effect throughout their communities. By continuing to build on this foundation with greater financial and business knowledge, we can help them find new growth and thrive.”

Singapore – Global cross-border payment infrastructure company Thunes has announced that it has extended its series C funding to US$72m, which comes after a US$60m funding from hedge fund Marshall Wace, alongside Bessemer Venture Partners and 01Fintech.

The extended funding was made possible by investments from global financial service company Visa, alongside EDBI and Endeavor Catalyst.

Thunes aims that through this extended funding, it can support its mission to address the inefficiencies of moving money internationally and create a next-generation payment system that is secure, instant and transparent.

Previously, Thunes and Visa have entered into a partnership in October 2022. In the partnership, Thunes B2B payments platform offered a send-to-wallet capability to 78 digital wallet providers globally. Using an API integration with Visa Direct, Visa’s customers can enable consumers and small businesses to send funds to eligible digital wallets in Africa, Asia, and Latin America, powered by the Thunes global network.

Peter De Caluwe, CEO at Thunes, said, “We’re proud to close Series C with such a strong roster of influential investors. Support from Visa, EDBI and Endeavor is a powerful endorsement of our strategy and capabilities, providing us with additional resources to develop innovative solutions to face industry challenges.”

He added, “By leveraging the insights and support of our investors, we will expand our network and offer businesses and consumers an unparalleled cross-border payments experience. I’m delighted to see an even deeper collaboration with Visa. Together, we will pave the way towards a global payment ecosystem that is inclusive, efficient and ubiquitous.”

Singapore – Global digital payments company Visa has made two senior leadership changes for its Asia-Pacific operations, with Chris Clark being promoted from regional president to chairman of APAC and Stephen Karpin being appointed as his successor as regional president of APAC. 

As its new chairman, Clark will support Visa’s regional and global initiatives, including strategic engagements with government and industry stakeholders, driving Visa’s market expansion strategy, and resuming his role as a non-executive director of the Visa Europe Board.

Clark also shared his excitement over taking on the new role.

“Over the last ten years as Regional President for Visa Asia Pacific, I have been committed to expanding the reach of electronic payments and growing our business by forging strong client and partner relationships, driving digital innovation in the regional payments ecosystem and building new partnerships with established and start-up fintechs, all supported by an amazing team of great payments professionals,” he said.

Meanwhile, Karpin will be responsible for Visa’s full business operations, client management, and go-to-market plans for the region and will be based in Visa’s Regional Headquarters in Singapore.

Karpin will also be bringing with him his extensive experience in the payments industry and knowledge of Asia Pacific markets.

“In addition to his expansive business aptitude, Chris is known for his deep commitment to our clients and teams across our markets. I look forward to following the path he has set, continuing to work closely with our clients and partners, expanding our relationships and ensuring that Visa Asia Pacific remains among the best places to work and achieve,” said Karpin.

Both appointments will be effective on April 1 this year.

Last September, Visa also appointed Jeff Navarro as its country manager for the Philippines and Guam.

Manila, Philippines – Global digital payments company Visa has appointed Jeff Navarro as its new country manager for the Philippines and Guam. He succeeds previous country manager Dan Wolbert, who has moved to a new role for Visa North America.

Navarro was previously the regional vice president for the Philippines, Malaysia, Brunei and Indochina at Western Union. He also served as the president and chairman of the board at Western Union Processing Services Inc. Prior to joining Western Union, he has also worked with SMART Communications and Shell across sales, brand, and business development roles.

Speaking on his appointment, he said, “It is a great pleasure for me to join Visa, a global leader in payments and money movement, areas which are near and dear to my heart. I am excited and honoured to have the opportunity to lead a team of seasoned professionals, who share the drive and passion to further widen financial inclusion for all Filipinos.” 

He added, “I look forward to working closely with our clients, fintechs, the regulator, and all stakeholders to grow digital payments in the country, and enable individuals, businesses, and economies to thrive.”

Meanwhile, Tareq Muhmood, Visa’s Group Country Manager for Regional Southeast Asia, said, “I am delighted to have Jeff lead our team in the Philippines and Guam as the country manager. Jeff’s regional experience and in-depth knowledge of the financial services industry will be an asset for Visa and will serve him well in leading our team.”

He added, “Jeff and the team will drive our business agenda with clients, consumers, and regulators in the Philippines and Guam, in line with our purpose to uplift everyone, everywhere by being the best way to pay and be paid.” 

Sri Lanka – Sri Lanka’s online payment gateway solution provider, WEBXPAY, has partnered with global payments company Visa to expand the scope of the country’s digital economy by enabling seamless, effortless, and sustainable digital payment acceptance solutions for SMBs across Sri Lanka. 

The partnership provides WEBXPAY with a boost to faster achieve its goal of empowering SMBs island-wide with face-to-face digital payment acceptance capability, offering them access to Visa cardholders across the globe. This in turn will increase scalability for the small business sector and consequently aid its recovery.

As a new member of the Visa Acceptance Fast Track Programme for APAC, WEBXPAY hopes to widen its net of financial inclusion by enabling digital payment acceptance to 10,000 new-to-digital Sri Lankan SMBs by 2025, aiming for a Gross Merchant Volume (GMV) of Rs 10 billion by 2025 to elevate the country’s digital economy. This will help increase contactless payment acceptance through soft POS, enable tap-to-phone payments with soft POS technology and bring about low-cost face-to-face transaction acceptance. In a post-pandemic economy, this will also help merchants rebuild and increase sales to more consumers and improve customer loyalty; all while offering their shoppers a friction-free digital payment experience at checkout.

Avanthi Colombage, Visa’s country manager for Sri Lanka and the Maldives, shared that small businesses have always been keen to adopt technology to further their business and most times, only need enablers to accelerate this. 

“Through the Visa Acceptance Fast Track Programme, we are excited to partner with WEBXPAY and play a role in helping thousands of small businesses across Sri Lanka go digital. With Visa’s solutions and best practices and WEBXPAY’s superior payment gateway solutions, small businesses can now accept contactless payments and enable tap-to-phone for merchants quicker and in a secure manner, in their path to recovery,” said Colombage.

Meanwhile, Omar Sahib, WEBXPAY’s founder, commented that they appreciate the support extended by Visa to help expand the fintech’s products and social goals in reaching out to the SMBs in Sri Lanka.

“Through this partnership, we are further extending our ability to offer fast, convenient, and frictionless payments processing in the hope that we contribute towards the greater expansion of the local digital payments ecosystem, and in turn play a transformative role in the growth of the digital economy of Sri Lanka,” said Sahib.

Singapore – Global travel platform Agoda has announced its partnership with Visa, to offer interest-free credit card instalments across its booking platform. To enjoy this benefit, Visa cardholders will simply need to enter their credit card details at the point of checkout. An instalment option will appear for eligible cardholders. Following this, travellers can select their preferred instalment period via Agoda’s mobile app and website, with no additional charges or fees.

Agoda will be the first global Online Travel Agency (OTA) to offer this payment option with Visa in the Asia Pacific region. These instalments can now be exclusively enjoyed by HSBC Bank Malaysia credit cardholders.

Thi-Mai-Linh Bui, CFOat Agoda, said that as the world transitions from a pandemic to an endemic state, there is great demand for digital-first experiences to accommodate for changing consumer behaviours and purchasing patterns. 

“At Agoda, we are always looking for innovative ways to help people gain more accessibility – using technology to simplify the search, booking and payment processes. We are happy to be working with a global leader like Visa to empower travellers who might have previously found it inconvenient to pay for their booking in one lump sum, to spread their purchases over multiple payments – allowing for greater flexibility and peace of mind.”, said Bui.

In the coming years, Visa and Agoda will progressively roll out this offering regionwide to locations like Australia, Hong Kong, Singapore, Thailand, Vietnam and Philippines, each with respective issuing banks.

Conor Lynch, head of consumer solutions of Asia Pacific at Visa, commented, “The buy now, pay later trend is here to stay, so add instalments to the list of consumer expectations for speed, safety and convenience, even when they’re booking their holidays.”

“We’re excited for Agoda to join the growing list of businesses in Asia Pacific giving their customers the ability to pay in instalments. It’s particularly great to see instalment payments taking off in the travel industry at the same time people are getting their ‘revenge travel’ plans underway,” Lynch added.

Singapore – After officially entering the Singapore market in January, global fintech Airwallex continues to progressively roll out key offerings in its global payments suite with the launch of its new Airwallex Borderless Card and integrated expense management solution.

Available to all Airwallex customers in Singapore, the Airwallex Borderless Card is a virtual multi-currency Visa business debit card that enables businesses to easily make online card payments anywhere that Visa is accepted, from Singapore and to the rest of the world.

Singapore-based companies can now instantly generate and issue virtual multi-currency business debit cards to promptly pay third parties, such as vendors and other online merchants with Airwallex’s market-leading foreign exchange rates wherever Visa cards are accepted. 

In addition to the Borderless Card, Airwallex is also launching its Expenses solution in Singapore. Singapore businesses will be able to streamline their expense processes with a single integrated platform to manage spending, seamlessly upload receipts for approval, reconcile expenses, and gain real-time visibility over card transactions.

Airwallex and Visa first announced their global strategic partnership in February 2020, and have since introduced the Airwallex Borderless Card to businesses in Australia, Hong Kong, United Kingdom, Europe, and the United States. 

“We’ve seen many of our global customers benefit from our cards offering, including significant cost savings on USD Software as a Service (SaaS) card spend and international transfer fees. We are so pleased that we can now offer Singapore businesses all the same benefits, providing them with greater flexibility and control over their cross-border card payments,” said Arnold Chan, Airwallex’s head of growth for Singapore.

“Today’s virtual cards and expenses launch is another significant step towards a full rollout of our global payments offerings in Singapore. We strive to become an integral one-stop-shop for any Singapore business requiring support with business finances across the entire transaction lifecycle, and by doing so, empower them to manage and grow both their local and global operations exponentially,” added Chan.

Kunal Chatterjee, Visa’s country manager for Singapore & Brunei, said that with Singapore being a global hub for commerce and SMEs looking to transact with counterparties globally, it is crucial to empower them with convenient and seamless cross-border payment solutions. 

“At Visa, we remain committed to working with our partners and being at the forefront in providing innovative payment solutions, helping businesses streamline their payment processes and improving the efficiency of international payments,” said Chatterjee. 

Over the coming months, Airwallex plans on expanding its card functionality, including enabling physical cards for business owners and for their employees’ work expenses, and digital wallet integration. 

Airwallex was founded in Melbourne in 2015, and in just six years, the company has secured more than US$800m in funding and a valuation of US$5.5b. Last April in Hong Kong, the fintech launched an SME support initiative worth HK$2.5m, where they provided a series of exclusive offers to help businesses recover and reopen from the pandemic while managing costs.

Manila, Philippines – The move towards a cashless society in the Philippines is becoming more evident, with the latest study from Visa unveiling that around 84% of Filipinos have tried going cashless in favour of digital payments, while 60% of Filipinos say that they are carrying less cash nowadays.

According to the report, cashless payment usage in the country is increasing across a variety of payment options, where Filipinos’ have a preference to use mobile wallets (64%), card payments online (52%), card payments at physical merchants (44%), and QR payments (31%). This shows that the pandemic has also driven the uptake of cashless payment methods, especially mobile wallets and card payments online, with a large number of first-time users due to the pandemic.

Dan Wolbert, country manager for the Philippines and Guam at Visa, said, “While cash is still commonplace in the Philippines, the preference for cashless payments is clearly gaining momentum. Our study showed more Filipinos are confident to get by without cash and for longer periods of time – with more than half feeling confident to get by for a week or longer, as cashless payment options grow.”

Contactless payments, on the other hand, are seen as an emerging payment method in which consumers showed high interest. Eighty-three per cent of Filipinos are aware of contactless payments while 69% have made contactless payments in 2021, up from 66% in 2020.

Wolbert added, “Filipinos believe COVID-19 has accelerated the country’s transition to a cashless society by at least three years. Now, seven out of 10 consumers anticipate that the Philippines can become fully cashless within the next seven to 10 years.”

The report noted that in 2021, the pandemic continued to be the main driver of online shopping growth, especially digital purchases made via e-commerce apps. More consumers turned to online shopping and started using apps or websites to shop for the first time. Movement restriction orders in the past year also led to an increase in in-home spending that included home office products, groceries, personal care items, and content platform subscriptions.

Vietnam – The Vietnam Payment Solution Joint Stock Company or VNPAY has entered into a partnership with global payments company Visa to improve the digital payment experience in Vietnam.

Through the partnership, Visa and VNPAY will bring digital payments closer to Vietnamese users by strengthening and expanding the network of partners accepting electronic payments, and cooperating to deploy new services to users as well, including a solution to accept contactless payments via mobile phones (Tap to Phone), Visa prepaid virtual cards, Visa Direct money transfer and receipt services and instalment solutions Visa Installment Solution (VIS).

In addition, Visa and VNPAY will launch several payment solutions in the local scene, typically a solution to accept contactless payments via mobile phones (Tap to Phone). When merchants deploy this solution, any Android smartphone or tablet can become a contactless payment acceptor, operating on a software application and no hardware support is required.

Nguyen Tuan Luong, vice chairman of the board of directors at VNPAY, said, “Visa is the world’s leading multinational payment technology company. VNPAY believes that the strategic partnership with Visa will continue to promote digital payment trends, bringing many useful solutions to users and business partners in VNPAY’s network. This also makes the digital transformation process of businesses easier, creating stronger and more sustainable growth through electronic payment solutions.”

Meanwhile, Dang Tuyet Dung, director of Visa Vietnam and Laos, commented, “The strategic partnership with VNPAY will accelerate the ongoing digital transformation and cashless payment process in Vietnam. Along with making VNPAY partners and users a part of Visa’s secure and reliable digital payment ecosystem, the deployment of digital capabilities of both sides also helps to expand the electronic payment network. death of Visa and drive adoption of contactless payments.”