In a bid to fortify financial inclusion across Asia, global payments giant Visa has signed a Memorandum of Understanding (MoU) with Malaysia’s earned wage access provider, Paywatch, and food delivery giant, Foodpanda. This partnership promises a concerted effort towards bridging the divide between traditional banking services and the unbanked communities in the continent.
The earned wage access solution proposed by Paywatch enables employees to gain greater control over their earnings while protecting them from predatory lending. Through this MoU, Paywatch intends to extend its services to a larger proportion of Asia’s workforce. Utilizing Visa’s comprehensive cross-border capabilities, network, and financial literacy resources, Paywatch aims to foster financial inclusion and digital education.
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“We’re thrilled to work with Visa to reinforce our commitment to financial inclusion across Asia,” expressed Richard Kim, CEO of Paywatch. As Paywatch continues to broaden its horizons, the collaboration with Visa comes at a pivotal juncture. The partnership will facilitate the exploration of innovative financial solutions that empower its users.
Apart from this, Visa also signed an MoU with food delivery service, Foodpanda, to offer innovative payment solutions and cost-saving perks to its customers and merchants across Asia. This initiative will simplify payment methods, upgrade online-to-offline payment platforms, and overall enhance the operational procedures for Foodpanda.
Luc Andreani, Chief Operations Officer of Foodpanda, stated, “We want to make ordering food and groceries, or even dining out at restaurants, a seamless and convenient experience. Whether they’re spending online or offline, it should be with absolute ease and bring them maximum benefits.” He hinted at the budding partnership evolving and expanding regionally in the near future.
The news was first reported by Marketing Interactive.