Visa-Powered U Accept Brings Contactless Payments to Filipino MSMEs
Visa and USSC Money Services, Inc. (UMSI) have partnered to launch U Accept, a payment solution that turns near field communication-enabled smartphones into payment acceptance devices.
This innovation allows micro, small, and medium enterprises (MSMEs) in the Philippines to use their smartphones to accept contactless card payments and process digital transactions.
According to Visa, 83% of Filipino MSME owners surveyed reported an increase in turnover after accepting card payments, while 41% said customers spent more when using cards.
UMSI President and CEO Jose Xavier B. Gonzales stated that the payment solution brings the company closer to its goal of serving over 12 million customers, including millions of unbanked Filipinos.
The platform is integrated into UMSI's uGrow app, allowing merchants to accept contactless card payments and pay-by-link transactions.