Visa Inc. (NYSE:V) has joined forces with Oxfam America to act as a remittance partner in the Philippines, Colombia, Puerto Rico, and Kenya. In collaboration with Oxfam America, Visa aims to support the expansion of the Building Resilient, Adaptive, and Disaster-Ready Communities (“B-READY”) project by facilitating real-time money transfers and relief payments to individuals in disaster-prone regions.
This collaboration will lead to the development of a mobile-based payment solution framework, promoting the digitization of relief payments to assist individuals in safeguarding their assets before disasters occur. The B-READY project utilizes community input and parametric forecasting to provide assistance before the onset of disasters. For Visa, this partnership is anticipated to drive the adoption of Visa Direct and Visa Government Prepaid, resulting in increased transaction volumes and a broader geographical presence.
According to a climate-related report from the World Meteorological Organization, between 1970 and 2019, half of all global disasters and 74% of economic losses were attributed to climate, weather, and water hazards. Failure to take action could lead to an additional 100.7 million people globally falling into poverty by 2030 compared to 2020. Visa’s engagement in disaster preparedness and recovery initiatives positions the company as a contributor to addressing global challenges, enhancing its brand perception positively. Furthermore, by reaching more individuals, Visa aims to promote financial inclusion and cater to underserved markets worldwide.
Visa and Oxfam America have a history of collaborating to innovate for humanitarian causes, particularly in advancing digital payments. Visa sees an opportunity to leverage its technological capabilities to aid in the reconstruction of devastated economies, address the needs of underserved populations, and promote financial literacy.
Over the past six months, Visa stock has gained 11.5%, outperforming the industry’s growth of 9.1%.
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