Mastercard and RCBC announced the introduction of Mastercard Send, a fast and efficient send to card service within the Mastercard Move portfolio of money transfer solutions. By integrating with Mastercard Send, RCBC will now be able to provide cardholders with a new channel for secure, transparent, and convenient international payments.
The service allows overseas Filipinos to transfer funds from a licensed originating institution using approved funding sources such as an account, wallet, or card, directly into a receiving RCBC Mastercard card. This means that overseas Filipinos can now send money almost instantly from over 100 countries worldwide to any RCBC Debit Mastercard cardholder, allowing them to access their funds right where and when they need it.
“The introduction of Mastercard Send to the Philippines comes at an opportune time, as remittances are expected to increase by 5% this year,” said Martin Tirol, FSVP & Head of RCBC Global Transaction Banking Group. “As we consistently explore ways to transform banking for our cardholders, this cross-border send to card service offers easy, seamless, and efficient transactions to Filipinos all over the world.”
The Philippines received $40 billion in remittances in 2023 , becoming the fourth largest remittance receiving nation last year. Personal remittances from overseas Filipinos grew by 2.9% to $33.6 billion in the first eleven months of 2023, with the US (41.2%) as the top remittance-sending country to the Philippines, followed by Singapore (6.9%), Saudi Arabia (6%) and Japan (5%).
Another contributor to remittances has been the Philippines gig economy, which saw freelance revenues grow by 208% in 2020, accelerated by the shift towards digitalization during the pandemic. With strong demand for freelancers from countries such as the US, the UK, Hong Kong and South Korea, the Philippines has become one of the world’s fastest-growing markets within a global gig economy projected to expand to $455.2 billion in 2023.
At the same time, Filipinos are looking for an improved money transfer experience, with factors such as lower fees, online access, and simpler processes being key considerations when choosing a solution to use. This is a trend seen globally, as confirmed by Mastercard’s Borderless Payments Report. The research shows that three-quarters of consumers would like access to faster international payments, while one in three consumers want a greater choice of payout options to accommodate recipients’ preferences.
“Sending money to your family and loved ones in your home country should be straightforward and hassle-free, so that families can continue to support each other across continents,” said Simon Calasanz, Country Manager, Philippines, Mastercard. “As remittances continue to fuel consumption and boost the country’s economic resilience, Mastercard Send stands out as a cutting-edge payment solution. It enables fast, secure, and efficient fund transfers, taking place almost instantly from over 100 countries to families here in the Philippines.”
Mastercard Send is part of Mastercard’s portfolio of money transfer solutions Mastercard Move. Mastercard Move enables people and organizations to move money quickly and safely, both domestically and internationally, across more than 180 countries and in over 150 currencies, with access to more than 95% of the world’s banked population.
To learn more about Mastercard Move, visit: https://b2b.mastercard.com/move/