German payments firm Wirecard has introduced its payout solution in the Philippines in order to support cashless payments.
The contactless payout cards can be used to make transactions at the POS and online.
In the Philippines, Wirecard’s payout products will serve the government, public sector clients, and corporations.
They can be used for loan or refund provisions, corporate expense reimbursements, as well as commission payouts.
In announcing the development, Wirecard cited a study by Visa.
According to the study, five out of 10 Filipinos feel confident going cashless for three days, while around seven out of 10 are confident about doing so for a single day.
Wirecard Philippines general manager Martha Borja said: “With our payout solutions, we are helping our customers make easy payments to individuals, helping to streamline the payment process across a variety of industries nationwide.
“Compared to traditional payout methods, our solutions offer a number of benefits to both card managers and cardholders. We are excited to see our payout offering improve the payout processes for our customers who are seeking a more cost-effective and efficient payout solution.”
The roll-out of the payout solution in the Philippines builds on Wirecard’s experience in the US, where it mainly tends to the telecom and cable sectors with its payout solutions.
In the US, the firm provides a Virtual Express solution for instant delivery of digital funds.
The firm intends to launch a similar solution in Asia in the coming days.