Visa, a world leader in digital payments, is partnering with UnionBank of the Philippines and PayMongo to bring Visa Installment Solutions to the country, an innovative program that will soon enable Filipino consumers to easily access “Buy Now, Pay Later” (BNPL) financing.
Visa Installment Solutions will offer all UnionBank credit cardholders the flexibility to pay in interest-free monthly installments for their purchases, both in-store and online. It will also allow PayMongo merchants to accept payments from UnionBank customers directly from their websites or online stores.
“We are proud to introduce Visa Installment Solutions very soon with UnionBank as our first-ever issuer in the Philippines, and with PayMongo as our payment facilitator, who both share our long-term commitment to promote financial inclusion among Filipinos by offering secure and seamless flexible payment solutions. This initiative will not only benefit our valued partners but also contribute to our economy, particularly in light of the growing popularity of BNPL options among Filipinos,” Jeff Navarro, Visa Country Manager for the Philippines and Guam said.
UnionBank and PayMongo will be the first financial institutions in the Philippines to adopt this solution, providing customers with an additional payment option, starting with domestic purchases first, to be followed later by cross-border capabilities.
“UnionBank is thrilled to collaborate with Visa as the first local bank to adopt Visa Installment Solutions which will be offered very soon to Filipinos. By leveraging our combined expertise and network, we seek to fuel the growth of a payment ecosystem that benefits consumers, merchants and organizations towards a cashless Philippines,” Vishal Kadian, UnionBank’s Head for Cards and Personal Loans shared.
“We are very excited about our partnership with Visa for Visa installments. This is a game-changing collaboration that will transform the way businesses and customers transact. This exciting development underscores our commitment to providing innovative payment solutions and empowering merchants with the tools they need to succeed. Together with Visa, we are reshaping the payment landscape and opening up new possibilities for businesses and consumers alike,” Jojo Malolos, PayMongo Philippines CEO added.
The adoption and upcoming launch of Visa Installment Solutions in the country aims to support the growing demand and usage of BNPL options among Filipinos. Visa’s latest Consumer Payment Attitudes Study[1] revealed that consumers in the Philippines have an average of 5.8 BNPL plans in the last two years, with most purchases falling into categories such as electronic gadgets, home appliances, and fashion and accessories.
First launched in 2019, Visa Installment Solutions has since been adopted in the USA, Canada, Malaysia and Hong Kong, and will soon be available to more countries and territories in the Asia Pacific region.
[1] Conducted annually, the Consumer Payment Attitudes Study provides insights into consumer payment behaviors in key markets, including the Philippines. The latest survey, conducted from September to October of 2022, interviewed 1,000 Filipino consumers aged 18 to 65 years old.
