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Visa’s SME toolkit fuels contactless payments revolution in Philippine tourism

by Eileen Mencias

Visa, a global leader in digital payments, has launched its SME online toolkit to help small and medium-sized businesses in the Philippines leverage the solutions Visa offers, improve customer experience, and increase sales.

Visa’s SME online toolkit provides detailed, step-by-step instructions for merchants, including a script for cashiers on how to initiate and complete transactions. It also allows customers with contactless cards to tap their cards on the terminal themselves to make the payment, a preference that has grown among consumers post-COVID-19.

According to Visa’s most recent Global Travel Intentions (GTI) study, 97% of Asia Pacific travelers bring their cards with them on trips, and only 17% intend to bring cash in their destination currency.

The study found that the number of travelers who brought cash on their trips has fallen by 60% since COVID-19, with travelers, especially those from Australia, New Zealand, and Singapore, increasingly favoring contactless payments.

Contactless payments can boost tourism in the Philippines, improve sales for merchants in the tourism industry, and reduce cash handling, making transactions safer and faster for both customers and merchants.

“Visa is committed to empowering businesses with the latest payment technologies, including 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,” Visa Philippines Country Manager Jeff Navarro said.

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