BDO, Visa tie up for contactless payments

MANILA, Philippines - BDO Unibank Inc., the main banking unit of the SM Group, has partnered with Visa to offer its customers a contactless payments scheme through payWave technology, a bank official said. 

BDO executive vice president and consumer lending head Rolando Tanchanco said BDO Visa credit cardholders would be given a faster, more secure, and hassle-free payment option.

“BDO, the largest bank in the Philippines, sees this as an opportunity to provide secure and convenient services to their cardholders.

“With the new Visa payWave technology, cardholders can enjoy more convenient shopping and dining experiences whenever they use their BDO Visa credit cards,” he said.

Iain Jamieson, Visa country manager for the Philippines and Guam, said contactless payments are “starting to pick up in the Philippines as more and more consumers and retailers are realizing the benefits of contactless technology.”

Jamieson said this partnership with BDO would ensure that cardholders will no longer need to fumble with cash, and can instead use their BDO Visa payWave cards which are every bit as secure as regular Visa chip cards. 

Visa payWave technology allows cardholders to simply wave their cards in front of Visa payWave readers to pay for their transactions. Low value purchases will no longer require the cardholder’s signature.

For larger payments, the card can still be waved and the cardholder will be required to sign. 

Aside from the added security of their cards not leaving their hands, Visa payWave cardholders will also enjoy faster transactions, substantially reducing queuing times for both cardholders and retailers. 

BDO Visa payWave cardholders can use their cards at their favorite food establishments including selected outlets of Red

Ribbon, Sbarro, Army Navy, Bon Chon, Jamba Juice, Kenny Rogers, Krispy Kreme, J.Co Donuts, El Pollo Loco, and Seattle’s Best Coffee. Visa payWave is accepted at any Visa merchants bearing the Visa payWave symbol.   

“As we continue to drive greater acceptance of Visa payWave in the country, cardholders can expect to see more establishments, where time is of the essence, offer the technology as a payment option. These include food courts, fastfood restaurants, grocery stores, and convenience stores,” the Visa official said. 

Visa is a global payments technology company that operates in more than 200 countries and territories to offer fast, secure and reliable electronic payments. 

BDO has one of the largest distribution networks, with more than 800 operating branches and over 2,200 ATMs nationwide. It also has a branch in Hong Kong as well as 13 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.

In the credit card industry, BDO issues the most brands in the country, namely MasterCard, Visa, American Express, JCB and UnionPay, as well as corporate and tie-up cards with different companies. The bank likewise dominates the credit card merchant acquiring business in the Philippines with BDO POS terminals being the only terminals in the industry to accept the five credit card brands and BancNet, MegaLink, and Expressnet cards.