Visa has introduced an SME online toolkit aimed at helping Filipino merchants, particularly those in the tourism sector, maximize the benefits of contactless payments.
The initiative is part of Visa’s ongoing commitment to empower small and medium-sized enterprises (SMEs) and boost tourism, a crucial sector for the Philippine economy.
The toolkit, accessible at Visa’s official website (https://www.visa.com.ph/run-your-business/accept-visa-payments.html), provides merchants with detailed, step-by-step instructions in English, including a script for cashiers on how to initiate and complete digital payment transactions.
It also educates merchants about the contactless feature on most Visa cards, identified by the symbol, and guides customers on how to use their cards for seamless transactions.
The toolkit describes how most Visa cards have the contactless feature as identified by the symbol and includes instructions on how customers can tap the terminal with their card themselves to make payment – an experience preferred by consumers post COVID-19.
By partnering with Visa, merchants can leverage the trust inherent in Visa’s brand name, which was named the world’s most valuable payments brand and the sixth most valuable brand in the world[1].
Visa’s recent Global Travel Intentions (GTI) study revealed that 97% of Asia Pacific travelers plan to use their cards while traveling, with only 17% intending to carry cash. The study noted a significant drop in travelers carrying cash post-pandemic, highlighting a preference for contactless payments among travelers from Australia, New Zealand, and Singapore.
“Visa is committed to empowering businesses with the latest payment technologies and enabling contactless payments to support the growth of tourism in the Philippines,” said Jeff Navarro, Country Manager for Visa Philippines. “With Visa’s new SME online toolkit, we hope to facilitate the widespread adoption of digital payments among SMEs, addressing the needs of the travel ecosystem and aligning with the preferences of today’s travelers.”
Contactless payments, which use the same security measures as physical chip cards by generating a transaction-specific, one-time-use code, enhance security and improve sales throughput for merchants by reducing transaction times. This helps shorten lines and minimizes the chance of lost sales.
The introduction of the toolkit comes at a pivotal time, as the Department of Tourism (DOT) reported more than two million travelers visited the Philippines from January to April 2024. This surge in tourism is expected to benefit from the adoption of contactless payment systems, which facilitate cross-border transactions and enhance the overall travel experience.
Visa’s efforts to support the tourism sector include participating in the GoNegosyo Tourism Summit, co-presented by the DOT, to promote sustainable businesses in tourism.
Additionally, Visa partners with the Pacific Association of Tourism (PATA) for the Tourism Destination Resilience Program, aimed at fostering a sustainable tourism industry in the Philippines. In September 2023, Visa conducted a workshop in Laguna, training nearly 45 tourism SMEs on financial, risk management, and digital skills, with a focus on digital payments preferred by tourists.
The company also launched the SME Accelerator Program in the Philippines in 2023 to support SMEs with competitive pricing, faster onboarding, and comprehensive take-to-market support. The expanded initiatives of the program will continue to build partnerships with ecosystem participants to serve smaller sellers and fast-track solutions deployment for SMEs.
In 2023, Visa launched the SME Accelerator Program in the Philippines to support SMEs and partners through competitive pricing, faster onboarding, and comprehensive take-to-market support. The expanded SME Accelerator initiatives will also focus on a wider set of partnerships with ecosystem participants to serve smaller sellers and fast-track solutions deployment for SMEs.
[1] https://www.kantar.com/inspiration/brands/revealed-the-worlds-most-valuable-brands-of-2023
