Visa, SM partner for contactless payments

Payments technology provider Visa Inc. has partnered with Sy-led retail giant SM to accept contactless payment transactions.

"We look forward to seeing more Filipinos embrace it and helping to accelerate the use of electronic payments in the country," Stuart Tomlinson, Visa country manager for the Philippines and Guam, said during the partnership launch in Makati City on Thursday.

Tomlinson said Visa's partnership with SM could boost the Philippines' adaption of a cashless payment ecosystem.

Around 5, 000 contactless terminals for Visa cardholders will be established across 59 SM Stores in the 68 SM malls across the country.

Tomlinson said Visa is also looking into partnering with other large retailers in the Philippines.

"We want to cover all merchants. For us, in order for a new technology, like this contactless system, to take off and make a change, partnering with large merchants with large measure footprints are the appropriate way to do it," he said.

"We are talking to all merchants. We want to work with all merchants across the country," he added. — BM, GMA News