Wise's Philippine Expansion: A Boon for Cross-Border Payments

Wise, the global technology company revolutionizing international money transfers, has recently secured direct access to the Philippines' real-time payment system, InstaPay, and a settlement account with the Bangko Sentral ng Pilipinas (BSP). This strategic move is set to enhance the cross-border payment experience for millions of users, including Wise customers and partners like Bank Mandiri.

Wise's direct connection to InstaPay and PhilPaSS Plus enables instant (under 20 seconds) payments to PHP, providing more convenient funding methods for Filipino customers. This direct access also facilitates fast and convenient withdrawals, seamless top-ups for Wise accounts and cards, and quicker, cheaper, and more reliable payouts for Wise Platform partners. With this expansion, Wise continues to build an alternative to traditional correspondent banking, enabling over 63% of all transactions to be completed instantly, with an average fee of 0.62%.


Wise's Philippine expansion aligns with its global strategy to connect to domestic payment systems, enhancing the cross-border payment experience for nearly 13 million customers worldwide. This move is expected to drive transaction volumes and revenue growth, as users benefit from faster and cheaper cross-border payments. Wise's average fee of 0.62% remains competitive, ensuring a strong position in the global money transfer market.


Wise's direct connections to domestic payment systems worldwide, now totaling six, further strengthen its competitive edge. This expansion is likely to attract more customers and partners, leading to further cost savings and revenue growth. As of Q3'24, over 63% of all Wise transactions are completed instantly, demonstrating the potential for increased customer satisfaction and market share.

In conclusion, Wise's Philippine expansion is a strategic move that enhances the cross-border payment experience for millions of users. This direct access to InstaPay and PhilPaSS Plus enables faster and cheaper transactions, driving transaction volumes and revenue growth. Wise's competitive average fee of 0.62% and strong global presence position it well to capitalize on market opportunities and secure steady returns for investors.