Makati city: The Department of Tourism (DOT) and global payments giant Visa have announced an innovative collaboration aimed at boosting tourism promotions and data-sharing. This strategic partnership was formalized with the signing of a memorandum of understanding by Tourism Secretary Christina Frasco and Visa Regional Head for Southeast Asia, Bella Lai, during a ceremony in Makati City.

According to Philippines News Agency, the MOU outlines collaboration in several key areas, including data-driven tourism initiatives, the digitalization and innovation of micro, small, and medium enterprises (MSMEs), and providing financial literacy training for tourism stakeholders. Secretary Frasco emphasized the significance of this partnership, highlighting Visa's global influence in promoting the Philippines as a tourism destination.

Frasco noted that the data-sharing aspect of the agreement will enable the DOT to refine its programs and develop destinations that are more aligned with customer preferences. She also expressed optimism that local tourism businesses will benefit from increased exposure through Visa's platforms, recognizing the transformative power of digitalization in the tourism industry.

Visa's latest study, the 2023 Global Travel Intentions Study, reveals a growing trend toward cashless payments among tourists in the Asia Pacific region. The study found that 97 percent of travelers plan to use debit, prepaid, or credit cards on their trips, while only 17 percent intend to carry foreign currency. Visa Philippines country manager Jeffrey Navarro highlighted the alignment of these findings with the Philippines' goal of becoming a 'cash-lite' economy and underscored the importance of digital payment readiness in the tourism sector.

Navarro stated that Visa is committed to supporting the government's vision of a cash-lite society and sees this collaboration with the DOT as a means to drive tourism growth. By facilitating seamless and secure digital payments for travelers and empowering small businesses, Visa aims to foster a robust tourism ecosystem that contributes to sustainable growth.

The DOT's partnership with Visa follows a similar collaboration with Mastercard in June, as the department continues to seek insights from the private sector to make its tourism promotions 'people-driven' by 2026.