Visa, a global digital payments processor, is rolling out initiatives to support Filipino small and medium-sized enterprises (SMEs) in adopting digital payment solutions, particularly to enhance the tourism sector. This move aims to optimize the shopping experience for tourists and increase sales through seamless contactless payments.
Visa’s commitment to Filipino SMEs includes an online toolkit designed to guide merchants in implementing digital payment systems. Available at Visa’s SME Toolkit, the resource provides detailed instructions in English, including scripts for cashiers to facilitate smooth digital transactions.
“Visa’s new SME online toolkit aims to foster digital payment adoption among SMEs, aligning with today’s travelers’ needs and enhancing the overall travel experience,” said Jeff Navarro, country manager, Visa Philippines.
The toolkit underscores the convenience of contactless payments, a preferred method post-pandemic, and explains how customers can easily tap their cards on terminals to complete purchases.
The emphasis on digital payments aligns with Visa’s recent Global Travel Intentions (GTI) study, which highlights a significant shift toward card usage among Asia Pacific travelers. The study reveals that 97% of travelers from the region plan to use cards over cash, a notable change with only 17% now intending to carry foreign currency. This trend is especially evident among tourists from Australia, New Zealand, and Singapore, where a majority favor contactless payments for their transactions abroad.
Philippine tourism
Visa’s initiatives support the Philippine Department of Tourism’s (DOT) efforts to bolster the tourism industry, a key growth pillar for the country’s economy. With over two million visitors recorded between January and April 2024, enhancing the digital payment infrastructure is crucial to accommodate the evolving preferences of international travelers and streamline cross-border transactions.
In addition to the toolkit, Visa actively collaborates with the DOT and the Pacific Asia Travel Association (Pata) to promote sustainable tourism. The company recently participated in the GoNegosyo Tourism Summit, supporting initiatives like the “Love the Philippines” campaign. Visa also conducted workshops in Laguna, training nearly 45 tourism SMEs in financial and digital skills, including the implementation of preferred digital payment methods.
These efforts are part of Visa’s broader SME Accelerator Program launched in 2023, which offers competitive pricing, expedited onboarding, and comprehensive market support to Filipino SMEs. Visa’s expanded initiatives aim to forge stronger partnerships and accelerate digital solutions for small businesses, further integrating them into the growing digital economy.