Visa enables banks to adopt xPays like Google Pay, Apple Pay, and Samsung Pay
Visa is fast-tracking the entry of xPays, or mobile payment providers like Google Pay, Apple Pay, and Samsung Pay, into the Philippine banking sector. The company recently held an enablement workshop in Manila, gathering financial institutions and regional partners such as Google Southeast Asia, Vietcombank, and Starbucks Vietnam to share best practices on integrating and scaling digital wallets for Filipino consumers.
The Bangko Sentral ng Pilipinas (BSP) has clarified that xPays are technology service providers and not operators of payment systems. This means they cannot hold funds and must be linked to credit, debit, or e-money accounts to work. Once a Visa card is added to an xPay, users can tap and pay in stores, apps, or online, with Visa’s network token technology ensuring secure transactions.
Tokenization is central to this system. Instead of storing real card details, each card added to an xPay is assigned a unique digital token and a cryptogram, which secures every purchase. Visa has issued over 10 billion tokens globally, helping more than 1.5 million e-commerce merchants reduce fraud rates by 58%.
In Southeast Asia, countries like Vietnam, Singapore, Malaysia, and Thailand already use tokens to drive seamless transactions. Vietcombank, one of Visa’s long-time partners, has seen higher transaction volumes and frequency since adopting xPays. Starbucks Vietnam also shared how digital wallets enabled smoother customer payments.
For the Philippines, xPay adoption is expected to widen digital and financial inclusion. Filipinos and foreign travelers alike stand to benefit, with 97% of travelers across Asia Pacific bringing cards while only 17% bring cash. Yet, 44% of travelers in the Philippines still face merchant acceptance issues.
Digital payments in the Philippines already account for 57.4% of retail transactions, surpassing the 2024 government target. With the integration of xPays, Visa aims to help the country reach its 70% digital payment goal by 2028.
