Visa, SM launch 'contactless' payment system | ABS-CBN
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Visa, SM launch 'contactless' payment system
Visa, SM launch 'contactless' payment system
ABS-CBN News
Published Apr 05, 2018 07:59 PM PHT
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Updated Jan 16, 2019 06:39 AM PHT
MANILA - Global payment company Visa on Thursday announced its partnership with SM Retail Inc, the country's largest mall operator, to offer contactless payments in all its establishments and affiliates nationwide.
MANILA - Global payment company Visa on Thursday announced its partnership with SM Retail Inc, the country's largest mall operator, to offer contactless payments in all its establishments and affiliates nationwide.
The "Tap to Pay with Visa" can now be used with 5,000 terminals across 58 SM Stores in 68 SM Supermalls in the country starting April 5, Visa Country Manager for the Philippines and Guam Stuart Tomlinson said.
The "Tap to Pay with Visa" can now be used with 5,000 terminals across 58 SM Stores in 68 SM Supermalls in the country starting April 5, Visa Country Manager for the Philippines and Guam Stuart Tomlinson said.
Consumers can pay by tapping any VISA debit or credit card with the "Tap to Pay" logo" in payment terminals, eliminating the need to dip or swipe the card, he said.
Consumers can pay by tapping any VISA debit or credit card with the "Tap to Pay" logo" in payment terminals, eliminating the need to dip or swipe the card, he said.
Tomlinson said this cuts transaction time by 60 percent, with payments completed within 4 to 6 seconds.
Tomlinson said this cuts transaction time by 60 percent, with payments completed within 4 to 6 seconds.
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"We want to show Filipinos how contactless payments can elevate and transform their shopping experiences," he said.
"We want to show Filipinos how contactless payments can elevate and transform their shopping experiences," he said.
"We believe contactless payments will also improve the productivity level for cashiers at the various retail outlets so that the service staff can tend to customers faster and with ease," he added.
"We believe contactless payments will also improve the productivity level for cashiers at the various retail outlets so that the service staff can tend to customers faster and with ease," he added.
Consumers do not need to sign the receipt for transactions below P2,000. Tomlinson said the capping was placed "to prevent any particular fraud level."
Consumers do not need to sign the receipt for transactions below P2,000. Tomlinson said the capping was placed "to prevent any particular fraud level."
Visa card holders who wish to avail of the feature should transact with their banks to have their cards replaced, Tomlinson said.
Visa card holders who wish to avail of the feature should transact with their banks to have their cards replaced, Tomlinson said.
OVERCOMING CHALLENGES IN THE PHILIPPINES
Eighty percent of transactions in Australia and New Zealand are already contactless, Visa said. The challenge for the Philippines is the "low banked population," Tomlinson said.
Eighty percent of transactions in Australia and New Zealand are already contactless, Visa said. The challenge for the Philippines is the "low banked population," Tomlinson said.
To reach more consumers, Visa taps partners with a "large national footprint" like SM to educate the public about the benefits of the system, he said.
To reach more consumers, Visa taps partners with a "large national footprint" like SM to educate the public about the benefits of the system, he said.
"If we partner with large national chains that have enormous reach and footprints, then the steep change to adaption is faster," he said.
"If we partner with large national chains that have enormous reach and footprints, then the steep change to adaption is faster," he said.
In July 2017, Visa conducted an online survey in the Philippines called the "Visa Consumer Attitude Study." The survey discovered that 68 percent of the respondents were keen to use the technology.
In July 2017, Visa conducted an online survey in the Philippines called the "Visa Consumer Attitude Study." The survey discovered that 68 percent of the respondents were keen to use the technology.
"What we find as economies emerge, the people, they don't want to carry cash anymore. You can lose, it can get stolen. When you're using electronic payments it's more secure," he said.
"What we find as economies emerge, the people, they don't want to carry cash anymore. You can lose, it can get stolen. When you're using electronic payments it's more secure," he said.
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