#Visa Philippines to issue more #debit and #prepaid cards

visa prepaid debit card

In the Philippines, banks are focusing on issuing debit cards because credit cards are not as popular in the Philippines. Reported in GMA News Online, Filipinos prefer debit cards due to the simple reason that they find it easier to manage their spendings by using debit cards. This is because debit cards use only funds that are available in the bank account. It is for this simple debt management reason that debit cards are gaining popularity around the world and not least the Philippines. Latching on this, Visa Philippines is embarking on an expansionist policy with regards to its Prepaid and Debit Card operations. It will partner with various Philippines banks in the quest to expand its prepaid and debit card business.

The increasing popularity of Visa's cards is also evident from the increased frequency of Filipinos doing online banking. According to Visa Philippines, there is an increasing tendency shown by University Students, and Filipinos working overseas to use debit cards for online banking purposes. These segments of the population require the cards to conduct their banking but they frown upon having to owe money to the banks when they use credit cards. Thus debit and prepaid card represent a logical compromise for them.

To find out more about the latest card innovations and solutions, join us at Cards & Payments Asia 2012 from 25 – 27 April in Singapore. Click here to register your visit!

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