Long queues at the payment counter will soon be a thing of the past as Citibank has launched the Visa payWave, the Philippines’ first contactless credit card payment technology that doesn’t require swiping of your credit card, your signature or PIN entry.
The Citibank Visa payWave technology only requires a tapping of the card on the payWave terminal. There is no need to sign receipts for purchases below Php2,000.
“Today’s launch of Visa payWave marks a tremendous step forward in transforming the Philippines into a modern, cashless society. Time is the most valuable asset for busy Filipino cardholders who no longer have to wait in long queues or fumble with cash or coins,” Iain Jamieson, Visa Country Manager, Philippines and Guam, said.
Jamieson believes that contactless payments will spur the country’s evolution towards a cashless society, reducing time waiting in checkout queues for everyday purchases such as groceries, fast food meals, coffee and movie tickets.
“Our research shows that cardholders appreciate Visa payWave because they don’t have to carry cash for small-value purchases – and it is secure as paying with a regular Visa chip card. Retailers will benefit from faster checkouts, reduced queuing and lowering cash handling costs,” Jamieson claims.
Believing that the new technology will better serve the consuming public, Bea Tan, Consumer Business Manager for Citi Philippines, declared that with Citibank Visa payWave credit card, customers should not be worried about their cash having slipped their hands especially when paying for small transactions.
“Typically for people on the rush, when we go into our merchants to pay for our purchases, what we do today is we open our wallet and take some cash, and we also have to keep our loose change in our wallet. With the new technology, all you have to do is tap your card on the terminal to pay, and you’re on the go,” said Tan. A transaction is said to be completed if a card sales slip for all transactions has been issued.
Citibank Visa payWave cardholders have the convenience of making transactions without needing to sign for purchases below PHP2,000 but are given the option to collect the receipt. They can also use their cards for any amount within their available credit line. On average, Citibank Visa payWave transactions can be up to three times faster than cash payments, reducing queuing times for both cardholders and retailers and all with the added benefit that the card does not leave the cardholders’ hand.
The card can be used at the Metro Manila branches of Coffee Bean and Tea Leaf, Mercury Drug, Eastwood and Lucky Chinatown cinemas, and Robinsons Supermarket Express Lanes.
McDonalds will be joining in November as well as the Newport cinemas. More merchants will be added soon. Cardholders must look for the contactless symbol at the merchant’s store façade and/or checkout counters.
The Citi Visa payWave card can also be used at merchants that do not have Visa payWave terminals or for traditional credit card payment transactions. A holder may be asked to swipe or dip his card in the terminal.
The card can also be used for overseas transactions if the merchant has a contactless reader that accepts Visa payWave cards. If Visa payWave is not available, the card can still be swiped or dipped in a terminal where Visa cards are accepted.
Another important feature of the card is that it is protected with the latest contactless technology that prevents the card information from being copied. The card never leaves the holder’s hand when he makes a payment.
For current Citi Visa cardholders, a new credit card with Visa payWave will be issued if the current card is due to expire, or as a replacement if it is reported as lost or stolen. Alternatively, if the card is not due to expire, a replacement card can be issued by calling 995-9999.
“This is just the beginning and we will soon introduce more places to use Visa payWave where time is most essential, including food courts, more fast food restaurants, grocery stores, and convenience stores. Visa is working with our partners to drive greater acceptance of Visa payWave cards and to offer cardholders more Visa payWave cards that are relevant for a variety of lifestyles and needs,” concluded Jamieson.
