Visa and SM champion contactless payments in the Philippines
SM will accept contactless payments at all its department stores and affiliate stores in the country
Visa today announced that SM, the Philippines’ largest chain of department stores and partner boutiques, has become the first retail group to accept contactless payments in all its establishments and affiliate stores. There will be 5,000 contactless terminals enabled across 59 SM Stores in 68 SM Supermalls in the Philippines, where cardholders can make contactless payments.
This innovation offers cardholders a faster and convenient way to pay for their purchases from SM and its affiliate stores. Consumers can simply tap their cards on a payment terminal to complete a transaction. No more dipping and swiping, or signing for payments under 2,000 pesos.
“We are delighted to be working with SM to introduce to Filipino consumers an easier way to pay. We couldn’t ask for a better partner to embark with us on this exciting endeavor,” says Stuart Tomlinson, Visa Country Manager for the Philippines and Guam. “This is the first time that a leading retail company is driving contactless at all its outlets in the Philippines, which is an important milestone for us. We want to show Filipinos how contactless payments can elevate and transform their shopping experiences. Likewise, 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.”
“As a company, SM prides itself in being a one-stop shop for customers. We take our tagline, ‘We've Got It All For You,’ seriously, and treat it as a guiding principle for the level of service that we uphold,” says Chelo C. Monasterio, President for The SM Store. “We are pleased to work with Visa to introduce contactless payments and drive innovation at our retail outlets. As times change, so do the needs of our customers. With this new payment solution, we can continue to provide Filipino shoppers with a seamless and enjoyable shopping experience at our stores.”
After this launch, Visa hopes to see a growth in usage of contactless payment systems in the Philippines. “Contactless is the future of payments,” says Mr. Tomlinson. “With SM coming on board to offer this solution in the Philippines, we look forward to seeing more Filipinos embrace it and helping to accelerate the use of electronic payments in the country.”
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit, or set rates and fees for consumers. Visa's innovations; however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit www.visa.com.sg, http://visaapnews.asia/ and @VisaNews.
About SM Retail, Inc.
SM Retail, Inc. is a subsidiary of SM Investments Corp. It is known today as a significant player in both fashion and food segments. The multi-awarded The SM STORE (formerly SM Department Store), which has over 50 stores strategically located in key cities throughout the country, carries a wide range of apparel, accessories, houseware, general merchandise and lifestyle products. In food retail, SM has five store formats, SM Supermarket, SM Hypermarket, Savemore, Walter Mart Supermarket and Alfamart.