New resource provides step-by-step instructions so that businesses can maximize the benefits of Visa’s digital payment services, a key solution to boost tourism in the Philippines
Visa, a world leader in digital payments, is introducing resources to help Filipino merchants, especially small and medium-sized businesses (SMEs), take full advantage of Visa’s digital payment solutions to optimize the customer shopping experience and increase sales, particularly in the tourism sector. This is part of Visa’s commitment to empower Filipino SMEs and boost tourism, a crucial growth sector for the economy, by helping more merchants offer seamless contactless payments. 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].
The SME online
toolkit, available at https://www.visa.com.ph/run-your-business/accept-visa-payments.html, offers
merchants detailed, step-by-step instructions in English, including a script
for cashiers on how to initiate and complete digital payment 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.
Visa's latest Global Travel Intentions (GTI) study found that 97% of Asia Pacific travelers will bring their cards when travelling, and only 17% intend to bring cash (foreign currency). The number of travelers bringing cash on their trips has also fallen by 60% post-pandemic. The study showed that travelers prefer contactless payments, especially for those coming from Australia, New Zealand, and Singapore. 80% of Australian and New Zealand travellers, and more than 70% of Singaporean travellers, made contactless payments when travelling overseas. This reaffirms the growing importance of digital payments in enhancing the overall travel experience.
Contactless payments
help to facilitate cross-border transactions, which in turn help bolster the
tourism industry in the Philippines, one of the important growth pillars of the
country’s economy. More than two million travelers visited the Philippines from
January to April 2024, according to the Department of Tourism’s (DOT) April 2024 figures.
Contactless cards use
the same security measure as physical chip cards by generating a
transaction-specific, one-time-use code, thus protecting payment information.
Contactless payments also improve sales throughout
for merchants and reduce the handling of cash, as faster transaction times mean
shorter lines and less chance of lost sales.
Jeff Navarro, Country Manager for Visa Philippines, said: "Visa is committed to
empowering businesses with the latest payment technologies and enabling
contactless payments to support the growth of tourism in the Philippines.
Similar to DOT’s latest April 2024 figures, Visa’s data for the same month
shows that the majority of tourists visiting the Philippines originated from
the US, followed by Canada, Australia, United Kingdom, South Korea and Japan,
with year-on-year growth of contactless payments by these travelers. 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.”
The Department of
Tourism recently launched the “Love the Philippines” campaign and other
tourism-related initiatives to attract more tourists. As part of its efforts to
support the growth of tourism in the Philippines, Visa recently participated in
a panel at the GoNegosyo Tourism Summit, co-presented by the Department of
Tourism, to foster sustainable businesses in the tourism industry.
Visa also partners the
Pacific Association of Tourism (PATA) to drive the Tourism Destination
Resilience Program aimed at bolstering a sustainable tourism industry in the
Philippines. As part of this partnership, Visa conducted a workshop in Laguna
in September 2023, training nearly 45 tourism SMEs on financial, risk
management, digital skills, and highlighting digital payments preferred by
tourists. The Department of Tourism assisted in this training, identifying
digital inclusion solutions for SMEs in tourism.
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.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe economies that include everyone uplifts everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
[1]
https://www.kantar.com/inspiration/brands/revealed-the-worlds-most-valuable-brands-of-2023
Like this post? Subscribe to Manila Life by Email