Google Pay also works for online purchases and in apps, making everyday transactions quick and convenient. Every payment is backed by Visa’s advanced security technology, giving cardholders peace of mind with every tap.
In collaboration with FinTech Alliance and Google, Visa hosted over 200 leaders from banking, finance, and tech to celebrate the launch of Google Pay in the Philippines, marking an important milestone in digital payments. The service is now available in the Philippines through seven partner issuers: Chinabank, EastWest Bank, GoTyme Bank, Maya Bank, RCBC, UnionBank, and Wise. This launch aligns with Bangko Sentral ng Pilipinas’ guidance that mobile payment providers like Google Pay are classified as technology service providers, meaning they don’t hold consumer funds but simply link to Visa credit, debit, or prepaid cards.
In Southeast Asia, Google Pay transactions in markets like Vietnam, Singapore, Malaysia, Thailand – and now in the Philippines – are enabled by Visa’s tokenization technology. Tokens are used to create seamless and secure payment experiences for businesses. Through tokenization, each time a Visa card is added to Google Pay, the actual card number is replaced with a unique digital token. This token is stored securely on the device and is used, alongside a dynamic cryptogram, to authorize each payment. This means the cardholder’s real account information is never shared with merchants or stored on the device, and can significantly reduce the risk of fraud.
Visa has issued more than 10 billion tokens as of 2024, with more than 1.5 million e-commerce merchants transacting with Visa tokens everyday. Visa's Token Service (VTS) contributed to a US$2 billion uplift for merchants in Asia Pacific in 2023, while payment fraud rates have been cut by more than half (58%).
“Google Pay amplifies the benefits of Visa for consumers, businesses, and our banking partners. As a trusted payment solution used worldwide, it is now available in the Philippines, bringing speed and security to every transaction. Each payment is protected by Visa’s network token – a unique, one-time digital code that can help prevent fraud while ensuring a seamless experience. By extending this secure, convenient way to pay across shops, public transport, and tourist destinations, we make it easier for visitors to spend, empower local merchants to embrace digital payments, and support the Philippines’ vision of a cash-lite economy, driving stronger tourism and greater financial inclusion,” said Jeffrey Navarro, Visa Country Manager for the Philippines.
Merchant acceptance
Recognizing the active role merchants play to broaden adoption of new payment technologies, Visa has also launched an exclusive campaign with Pick Up Coffee to promote the use of Google Pay. Across 100 participating Pick Up Coffee stores nationwide, customers paying with their Visa card receive a free upsize on their drinks, and they get an additional Php50 off when they tap to pay using Google Pay.
Recognizing the active role merchants play to broaden adoption of new payment technologies, Visa has also launched an exclusive campaign with Pick Up Coffee to promote the use of Google Pay. Across 100 participating Pick Up Coffee stores nationwide, customers paying with their Visa card receive a free upsize on their drinks, and they get an additional Php50 off when they tap to pay using Google Pay.
Seamless transactions at home and abroad
The launch of Google Pay also offers seamless and secure payment experiences for both Filipinos traveling abroad and visitors traveling to the Philippines. Across the Asia Pacific region, 97% of travelers say that they will bring credit, debit, or prepaid cards on their trips, while only 17% intend to bring foreign currency. Visa’s research found that in the Philippines, 44% of tourists report encountering various payment problems, including non-acceptance by merchants.
According to BSP’s latest data, digital retail payments now account for 57.4% of total transaction volume in the country, exceeding the 2024 target under the Philippine Development Plan, and is on track to meet the 70% target by 2028.
0 Comments