VISA, in collaboration with FinTech Alliance.ph and Google, on Tuesday launched Google Wallet and Google Pay in the Philippines, allowing cardholders to tap their Android devices for contactless payments.
In a statement, Visa said its cardholders could now add their Visa debit or credit cards to Google Wallet and pay using Google Pay.
The service supports Visa debit and credit cards from seven partner issuers: China Bank, EastWest, GoTyme, Maya, RCBC, UnionBank and Wise. Payments can be made in-store, online, or in-app without a physical card.
“Google Pay amplifies the benefits of Visa for consumers, businesses and our banking partners,” Jeffrey Navarro, Visa country manager for the Philippines, said in the statement, adding that the service brings 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,” he added.
Under the Bangko Sentral ng Pilipinas (BSP) guidance, Google Pay is classified as a technology service provider since it does not hold consumer funds but links to Visa credit, debit or prepaid cards.
In a speech, Mr. Navarro said Visa has partnered with 7-Eleven to roll out Google Pay at 11 pilot branches, with full deployment across all stores targeted next year.
Fintech Alliance.PH Chairman Angelito M. Villanueva said the feature is also set for use on the Metro Rail Transit and Light Rail Transit Lines 1 and 2.
Information and Communications Technology Secretary Henry Rhoel R. Aguda said his agency would push tap-to-pay adoption among delivery drivers and taxis under its oversight.
He added that the agency and Fintech Alliance.PH plan to launch a program to make it easier for tech startups and fintech firms to pursue public listings, supporting the central bank’s effort to deepen local capital markets.
Bangko Sentral ng Pilipinas Deputy Governor Mamerto E. Tangonan said in a panel discussion at Tuesday’s launch that the central bank is studying tokenized assets and tokenized money — including tokenized deposits — along with stablecoins as a possible payment tool.
“We are exploring an environment with tokenized money and tokenized assets in a unified measure,” he said. “Stablecoins are an option. We’re still looking into it to be used as a payment instrument, not as an asset. But we’re seriously looking into those options.” — Aaron Michael C. Sy