Visa Inc., Union Bank, Metrobank and humanitarian aid organization Oxfam have delivered an innovative payments solution to disaster-affected areas as part of the government’s financial inclusion program. They have teamed up to create a multifunctional electronic prepaid system that enables the quick, secure and transparent disbursement of disaster aid in the Philippines.
The Electronic Prepaid Solution Project is a simple and efficient platform that supports money transfers during disasters and natural calamities, when quick access to money is most critical yet challenging.
Ihab Zaghloul, Visa’s head of Financial Inclusion for Asia Pacific, said Visa ensures that the infrastructure is in place and the transaction flow happens in an effective way. “We’re preparing for wider collaboration with the non-governmental organizations. Our role is to work with leading organizations, such as Oxfam, merchants, banks, central banks, legislators, mobile operators, microfinance institutions, and others to develop and bring useful products and services to people and the education on how to use them effectively and sustainably,” he said.
“We are supporting the financial inclusion project of the Bangko Sentral ng Pilipinas, and we make it commercially viable,” Union Bank Chairman and CEO Justo Ortiz said.
“There were challenges on infrastructure, connectivity and remittances. Through the partnership, we’re moving toward the path of achieving financial inclusion which is fundamental to development of the country and in making progress overall. We’re looking at more opportunities like this will come moving forward,” Ortiz said The innovative payment solution in Visa prepaid card format was designed for a wide range of uses such as withdrawal from bank automatic teller machines and partner remittance centers; over-the-counter purchases with local merchants; and purchases through a mobile store set up in the city.
The partnership with Oxfam captures Visa’s efforts to develop and bring useful products and services to more people.
Since December 2014, Oxfam and Visa have given out 2,700 prepaid cards and successfully transferred a total of $188,023.