Consumers in the Philippines and the Asia Pacific region in general are expecting better integration between their credit cards and e-wallets. 

The second top reason that Asia Pacific consumers apply for new credit cards is to cash in their e-wallets (43%), with the top reason being purchases (49%). That’s according to the recent Green Shoots Radar study by Visa. 

Other reasons for applying for a card include good security features (39%), appealing sign-up incentives and rewards (38%), customizable rewards programs (38%), and ease of signing up or acquisition (37%).

A survey found that consumers use their cards as a source of mobile wallet funding at 29% in Indonesia, 24% in the Philippines, and 39% of surveyed consumers in Vietnam. Respondents cited convenience, the ability to track expenses, seamlessness, and security as some of the top factors for topping up their wallets using cards. 

E-Wallets Are Gaining Popularity for Purchases

According to the study, for Filipinos, e-wallets are the second highest most popular payment method for face-to-face and online purchases at 88%, following cash and cash on delivery (93%). Other methods include debit card purchases (61%), internet banking/bank accounts (44%), credit cards (37%), and prepaid cards (15%).

With this in mind, Visa is enabling cardholders to use their cards directly with merchants or e-wallets such as Maya and GrabPay in the Philippines.

“Visa’s research found that in the Philippines, 87% of surveyed respondents have used their mobile wallets in the last 12 months,” Jeff Navarro, Visa Country Manager for the Philippines, said. “Our partnerships with e-wallets in the Philippines enable Visa cardholders to cash in their wallets using their cards issued in the Philippines, which is in alignment with the growing preference for cashless transactions in the Philippines. These partnerships provide consumers with more choices and support small businesses by enhancing their ability to accept payments, keeping pace with the expanding use of digital payment methods like cards and mobile wallets. At Visa, we’re committed to broadening access to diverse digital payment options that are seamless and secure, to promote financial and digital inclusion.”

In the Asia Pacific region, Visa said it has formed partnerships with Vietnam’s MoMo, VNPAY, and ZaloPay, alongside Indonesia’s DANA to provide Southeast Asia with digital wallet funding options.

The company’s latest Consumer Payment Attitudes study shows that more than a quarter of cash-ins to e-wallets come from either bank accounts or credit and debit cards. This trend simplifies transactions by eliminating the need for repeated credential entry, it said.

In the Philippines, aside from allowing GrabPay users to cash in their wallets for free with Visa debit, credit, or prepaid cards, the digital payments firm is also offering a promo allowing cardholders to cash in their Maya wallets for free for a promotional period.