Innovative and secure payment solutions for a cashless Philippines

People most probably remember and even miss queueing up at a department store counter to pay for the latest shoes and bags they have taken off the display rack or lining up at the movie theater ticketing booth to buy tickets for the latest box-office hit. This was when paying in cash was the norm. However, over 20 months into the lockdown, this seemingly endless pandemic crisis has compelled consumers to shift to online transactions. Health protocols like social distancing requirements have pushed many of us to opt for cashless payments sooner than we could have imagined.

The World Health Organization (WHO) has pointed out how banknotes could be a potential contributory factor in spreading the COVID-19 virus, thus WHO encourages the use of contactless cashless payment to minimize the risk of transmission.  (WHO: Banknotes Could Spread Covid-19, Switch To Contactless Payments (ringgitplus.com)) Hence, whether to shop, dine, get entertained or even getting medical supplies and other needs, one thing is currently evident—consumers in the Philippines and around the world are clearly fast-tracking their adoption of digital payments.

The Philippines is still largely a cash-based economy with most businesses only accepting cash as a form of payment. However, this global health scare has evidently accelerated both Filipino businesses and consumers to embrace a more hygienic payment option like using a Prepaid, Credit or Debit Card.

A June 2020 report (https://www.statista.com/statistics/1126541/philippines-frequency-of-online-purchase-covid-19/) surveyed Filipino consumers and found that 31% of respondents have made online purchases at least several times a month during the COVID-19 pandemic. Consumers’ #AddToCart and online #PasaBuy request spending habits will likely continue to rise as shopping and payment habits have started to shift towards the online space.

UnionPay, a global payment brand, partners financial institutions in the Philippines and around the world to issue a range of products that allows consumers to make quick and secure payment. In addition, UnionPay takes a proactive approach to partner with merchants across categories such as supermarkets, pharmacies, and food delivery services to enable Filipinos to make cashless payment in a hygienic and convenient manner.

UnionPay’s Role in Encouraging Cashless Payments Inclusion

Similar to online shopping which reduces contact, consumers who prefer brick and mortar stores are also going cashless for safe distancing measures. As such, UnionPay continues to expand acceptance by partnering with various POS acquirers in the Philippines, including BDO Unibank Inc., Metropolitan Bank and Trust Co., Global Payments Asia Pacific (Philippines) Inc., and Rizal Commercial Banking Corporation (RCBC). Major department stores and drugstores such as Mercury Drug, Robinsons Department Stores, The SM Store and Watsons are enabled with UnionPay contactless payment. These merchants have extensive nationwide coverage which enables UnionPay Cardholders to perform secure no-contact payments for in-store purchases through the UnionPay chip card technology. UnionPay Cards issued by BDO, RCBC Bankard and PNB are enabled with contactless payment function. Currently, close to 80% of POS terminals are already enabled for UnionPay contactless payment.

UnionPay’s Role in Promoting Financial Inclusion

UnionPay is proactive in reaching more consumers across the country by pursuing partnerships with issuing banks that have a sizeable presence across Philippines. Recently, UnionPay collaborated with Cebuana Lhuillier Rural Bank (CLRB) to issue UnionPay Debit Cards targeted at the unbanked and underbanked consumers. The CLRB UnionPay Card is a convenient way for Cardholders to conduct digital payment. By enabling card application at any of CLRB’s more than 2,500 branches nationwide, Filipinos can easily open a bank account and apply for the CLRB UnionPay Card at the bank branch or online via the eCebuana app available on App Store and Google Play Store.

With most of the younger generation not being able to own a bank card until their first salary as a bona fide employee, UnionPay’s partnership with CLRB will allow students to apply for a CLRB UnionPay Debit Card conveniently to start their cashless journey young.

In addition to encouraging the younger population to go cashless, UnionPay has been taking a proactive approach in partnering with various banks under the BancNet network in the Philippines to issue Prepaid and Debit Cards for the masses. Examples include Prepaid and Debit Cards issued by AllBank and Binangonan Rural Bank targeted at the unbanked and underserved population of all ages.

UnionPay is targeting to issue more Prepaid and Debit Cards through its partnership with various financial institutions in the Philippines to empower unbanked and underbanked consumers in the Philippines to enjoy cashless payments as they go about their daily lives.

Benefits of Going Cashless with UnionPay

In addition to enjoying quick and convenient UnionPay cashless payment, UnionPay digital payments come with features which reduce security risks and fraud. UnionPay complies with the EMV specification standards, a global benchmark for payment security, to ensure customers and merchants enjoy secure and safe digital transaction each time a payment is done.

UnionPay has also proactively partner popular merchants and platforms to bring about more savings for consumers for everyday essentials and when buying Christmas gifts.

Rustan’s: From now till December 31, 2021, UnionPay Cardholders receive Php 800 Rustan’s Gift Card with a minimum spend of Php 8,000 at Rustan’s Department Stores or Rustans.com.

GrabExpress: From now till October 15, 2021 and from December 1 to 15, 2021, UnionPay Cardholders enjoy discounts ranging from Php 60 to Php 100 for up to 3 GrabExpress transactions with promo code “UNIONPAYGE60”, “UNIONPAYGE80” and “UNIONPAYGE100”.

GrabFood: From October 16 – 20, 2021, November 16 – 20, 2021 and December 16 – 20, 2021, UnionPay Cardholders enjoy up to 3 discounted GrabFood transactions of Php 100 each with a minimum spend of Php 550 with promo code “UNIONPAYGF”.

UnionPay Cardholders can refer to Rustan’s website and Grab app for more details and Terms & Conditions.

As a global payment brand that connects consumers, businesses, financial institutions, and government, UnionPay continues to build an inclusive financial landscape paving the way for digital payments in the Philippines and around the world to empower more Filipinos to adopt digital payments.

If you are a business or an individual who is interested to know more about UnionPay, visit their website: UnionPay International.

ADVT