MICRO, small and medium enterprises (MSMEs) in the Philippines can now accept contactless card payments using eligible smartphones via a new service launched by Visa and USSC Money Services Inc. (UMSI).
The U Accept service allows merchants to turn their smartphones into payment acceptance devices without the need for traditional point-of-sale (POS) terminals.
U Accept is powered by Visa Accept and is integrated into uGrow, UMSI’s digital platform for entrepreneurs and small businesses.
“With Visa Accept, payments innovation is now within reach of every Filipino entrepreneur, unlocking many opportunities for small businesses through acceptance of secure, seamless payments from both Filipino consumers and tourists traveling to the Philippines,” Visa Philippines Country Manager Jeffrey Navarro said.
MSMEs account for more than 99 percent of businesses in the Philippines and generate about 67 percent of total employment.
Visa said that among Filipino SME owners surveyed, 83 percent said their turnover increased after they began accepting card payments while 41 percent reported that customers spent more when using cards.
Among SME owners that do not currently accept card payments, 67 percent said they would adopt a solution if they were provided with support.
UMSI President and CEO Jose Xavier Gonzales they were seeking to address some of these barriers by allowing merchants to use smartphones they already have rather than requiring them to purchase separate payment terminals.
“Through Grow, UMSI creates an ecosystem where small business owners and retailers have secure, more reliable ways to manage their business without the complexity of traditional enterprise systems,” he said.
Business owners can activate U Accept through the uGrow app and use their eligible smartphones to accept contactless payments.
The service also provides merchants with digital receipts that can be sent to customers through email and allows them to view transaction histories.
Other features of uGrow include sales monitoring and inventory management, giving small businesses a digital platform not only for accepting payments but also for managing parts of their day-to-day operations.
U Accept also provides near-real-time settlement to U Visa Prepaid Cards.
