In a significant leap forward for cross-border payments and financial inclusion, Wise, the global technology company building the best way to move and manage the world’s money, has achieved a landmark dual integration: becoming the first global fintech to seamlessly connect with both InstaPay and PESONet, alongside direct integration with the National ID eVerify system.
These groundbreaking advancements usher in an era of unprecedented speed, affordability, and convenience for millions of Filipinos, not only through faster and cheaper remittances but also through enhanced verification and streamlined onboarding processes.
This strategic dual integration is already making a substantial impact, with Wise now processing a remarkable 12% of all inward personal remittances to the Philippines. This breakthrough not only solidifies Wise’s position as a major player in the local remittance market but also promises to transform how Filipino families manage crucial high-value transactions, from overseas tuition fees to substantial savings sent home by Overseas Filipino Workers (OFWs).
Seamless transfers: Bypassing limits, eliminating delays
The direct integration with InstaPay and PESONet directly addresses long-standing frustrations faced by Filipinos sending and receiving money internationally. Before this, transferring large sums often involved a maze of daily caps, multi-day processing times, and a series of smaller, often costly, transactions. Now, the headaches are gone.
Parents can effortlessly transfer substantial amounts for their children’s overseas education in a single, swift transaction. OFWs, the unsung heroes of the Philippine economy, can send significant portions of their hard-earned wages home without worrying about arbitrary daily limits or agonizing multi-day processing times, ensuring their families receive funds precisely when needed.
At the core of Wise’s offering remains its unwavering commitment to transparency. Users benefit from the mid-market exchange rate – the very same rate you see on Google – without any hidden fees or markups. This straightforward approach means more money reaches its intended destination, empowering recipients and senders alike with clear visibility over their finances.
Wise: Driving financial inclusion through National ID eVerify
Recognizing that accessibility is key to true financial inclusion, Wise’s partnership with the Philippine Statistics Authority (PSA) to integrate with the National ID eVerify system is a pioneering step. This collaboration is set to streamline the onboarding and verification process for countless Filipinos.
Now, authenticating an account within the Wise app or website is swifter than ever, simply by using a National ID – whether in card, paper, or digital form. This initiative not only enhances user experience but also strongly supports the government’s broader digitalization agenda, making essential financial services more accessible to millions across the archipelago.
PSA Undersecretary Claire Dennis S. Mapa, PhD, National Statistician and Civil Registrar General, lauded the partnership, stating, “The integration of Wise with the National ID system is a testament to the power of collaboration in driving financial inclusion. With over 88 million Digital National IDs already available for access, we are empowering millions of Filipinos — regardless of their location or background — this is a significant step towards financial inclusion, and we are excited to see the positive impact it will have on the lives of many.”
Areson Cuevas, Country Manager for Wise Philippines
Areson Cuevas, Country Manager for Wise Philippines, emphasized the significance of these developments: “Wise’s rapid growth to processing 12% of all inward remittances clearly reflects the pent-up demand for better, more equitable financial services in the Philippines. With direct access to both InstaPay and PESONet, coupled with streamlined National ID verification, we are systematically removing barriers to transparent, affordable international money transfers. Our commitment is unwavering: to ensure that every Filipino can send and receive money with ease, confidence, and absolute transparency.”
Since its launch in the Philippine market in May 2024, Wise has consistently made significant strides. The Wise Account and Card have already provided Filipinos a smarter way to send and receive money in over 40 currencies, free from hidden fees. The recent direct connections to InstaPay and PESONet have further amplified these benefits, dramatically reducing costs. For instance, fees for a PHP 50,000 transfer to USD have dropped by over 10%, putting more money back into the pockets of hard-working Filipinos.
Leslie May Daguplo, a self-employed freelancer working for a US-based company, shared her transformative experience: “Before using Wise, dealing with payments from my clients abroad was a headache. I’d always get less than I expected because of all these hidden fees and bad exchange rates. Now, I see exactly what I’m paying in fees right away, and the exchange rates are spot-on. That means more of my hard-earned money actually lands in my pocket, without any nasty surprises. It’s truly made managing my freelance work so much simpler and more affordable.”
Wise’s bold moves are not just about technology; they’re about empowering individuals and families, reinforcing financial security, and ultimately contributing to a more connected and financially inclusive Philippines.
