Visa, UMSI Launch Phone Payments for Philippines SMEs
Visa and USSC Money Services Inc. (UMSI) introduced a new payment solution in the Philippines. Small businesses can now accept contactless card payments directly via NFC-enabled smartphones, eliminating traditional point-of-sale terminals.
New Payment Solution Targets Small Businesses
Visa has partnered with USSC Money Services Inc. (UMSI) to roll out U Accept in the Philippines. This new payment solution allows small businesses to accept contactless card payments directly through NFC-enabled smartphones. It removes the need for merchants to buy or rent traditional point-of-sale (POS) terminals.
The service integrates into UMSI’s uGrow app and is powered by Visa Accept. Merchants require an eligible smartphone and basic business documentation to enrol.
Cost Savings and Faster Access to Funds
UMSI Chief Marketing Officer J. Richard Soriano stated there would be no onboarding fee for small merchants. The standard merchant discount rate on card transactions will still apply. This service removes rental costs typically associated with conventional POS terminals. U Accept functions as an entry-level option, with transaction limits designed for smaller operations.
Payments process in real time, and funds credit to merchants within approximately one hour, according to UMSI. This quicker access to proceeds helps small businesses replenish working capital.
Expanding Digital Acceptance in MSME-Dominated Market
Visa Philippines Country Manager Jeffrey Navarro noted this partnership expands digital payment acceptance among entrepreneurs. Micro, small, and medium enterprises (MSMEs) comprise over 99% of Philippine businesses and generate 67% of total employment, Visa data shows.
Visa research also revealed 83% of Filipino small business owners reported higher turnover after accepting card payments. Additionally, 41% said customers spent more when using cards. The service currently accepts Visa payments, while the uGrow platform also supports QR Ph. Visa plans to open the payment environment to Mastercard and other card brands.
Driving Financial Inclusion Across Southeast Asia
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto Tangonan confirmed this launch supports the central bank’s push for digital payments and financial inclusion. This initiative democratises digital payment acceptance for Filipino MSMEs.
For businesses in other Southeast Asian markets, this model demonstrates how low-cost, smartphone-based payment solutions can expand digital commerce. Such systems reduce barriers to entry for merchants, potentially increasing transaction volumes and improving working capital liquidity across the region's vast informal economies.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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