Wise expands peso access with QR Ph, higher payment limits

Insider Spotlight

• Wise customers globally can now receive Philippine pesos using local account details through InstaPay and PESONet without opening a traditional Philippine bank account
• Customers can use their Wise balance to scan and pay merchants through QR Ph, including travelers and freelancers holding other currencies
• Wise Business customers can receive instant domestic payments of up to P500,000 through InstaPay for Business
  
  
  

Wise is expanding how customers receive and spend Philippine pesos, rolling out local peso account details, QR Ph payments and higher real-time receiving limits for businesses as more Filipinos earn, work and transact across borders.

The financial technology company said the new capabilities build on its direct connections to InstaPay and PESONet, allowing consumers and businesses to move money through domestic payment networks while using Wise.

Why it matters

Cross-border financial needs are extending beyond traditional remittances as more Filipinos earn international salaries, freelance for overseas clients and travel abroad. An OCTA Research survey cited by Wise found 81 percent of young Filipinos are willing to live and work overseas.

Wise customers outside the Philippines and users globally can now obtain peso account details without opening a traditional local bank account or visiting a branch. The details can be shared with employers, clients, friends and relatives to receive peso transfers through InstaPay and PESONet.

For everyday spending

Wise customers can also use QR Ph to pay for local transactions directly from their Wise balance, whether they hold PHP or another supported currency. The feature allows foreign travelers to make QR payments without needing a Philippine bank account or e-wallet.

Freelancers and other customers receiving international payments can meanwhile set an Auto Conversion target rate to convert earnings into pesos, then spend the funds or pay bills locally through Wise.

For small businesses

Wise is also increasing instant domestic receiving capacity for Business Account customers, allowing payments of up to P500,000 through InstaPay for Business. The company said it is among the first financial institutions in the country to introduce the capability.

“Managing international money is becoming an everyday reality for many Filipinos as they increasingly live and do business across borders,” Wise Philippines country manager Areson Cuevas said in a statement.

“By integrating with domestic payment networks, we’re making the Philippine peso more accessible - helping Wise customers move money into, out of, and across the Philippines in a much faster, cheaper and simpler way.”

The bigger picture

Wise launched in the Philippines in 2024 and has since introduced its Account and Card and Wise Business offerings.

The company has also expanded Wise Platform through a partnership with GoTyme Bank, enabling the bank’s customers to send money directly to more than 200 countries and territories through its app. —Ramon C. Nocon | Ed: Corrie S. Narisma