Visa and USSC Launch Smartphone Payment Solution for MSMEs in the Philippines

Visa and USSC Money Services Inc. (UMSI) have launched a new service called U Accept, enabling micro, small, and medium enterprises (MSMEs) in the Philippines to accept contactless card payments through eligible smartphones. This initiative aims to simplify payment processes for business owners by eliminating the need for traditional point-of-sale (POS) terminals, thereby promoting greater financial inclusion.

The U Accept service is powered by Visa Accept and is integrated into UMSI's digital platform, uGrow, which is designed specifically for entrepreneurs and small businesses. According to Jeffrey Navarro, Visa Philippines Country Manager, this innovation allows Filipino entrepreneurs to access secure payment solutions, thereby unlocking opportunities for growth in both local and tourist markets.

“Payments innovation is now within reach of every Filipino entrepreneur, unlocking many opportunities for small businesses.”Jeffrey Navarro, Visa Philippines Country Manager

MSMEs are a vital component of the Philippine economy, constituting over 99 percent of businesses and generating approximately 67 percent of total employment. A survey conducted by Visa revealed that 83 percent of SME owners who began accepting card payments noted an increase in turnover, while 41 percent observed that customers tend to spend more when using cards. Furthermore, 67 percent of SME owners who do not currently accept card payments expressed willingness to adopt such solutions if support is provided.

UMSI President and CEO Jose Xavier Gonzales emphasized that the U Accept service addresses barriers faced by merchants by allowing them to utilize smartphones they already possess, rather than requiring them to invest in separate payment terminals. He stated that UMSI creates an ecosystem where small business owners and retailers have secure, more reliable ways to manage their business without the complexity of traditional enterprise systems.

“Through Grow, UMSI creates an ecosystem where small business owners and retailers have secure, more reliable ways to manage their business.”Jose Xavier Gonzales, UMSI President and CEO

Business owners can activate U Accept through the uGrow app, which not only facilitates contactless payments but also offers features such as digital receipts, transaction history, sales monitoring, and inventory management. This comprehensive platform aims to provide MSMEs with the tools necessary for efficient day-to-day operations.

As the digital payment landscape continues to evolve, the introduction of services like U Accept reflects the broader trend of increasing digital transactions in the Philippines.