Citi Philippines and Visa today introduced the first contactless credit card payment technology in the country with Citibank Visa payWave. Offering Citibank Visa cardholders a faster, secure and hassle-free payment option, this latest innovation is set to change the local payments landscape for both retailers and consumers.
Iain Jamieson, Visa Country Manager, Philippines and Guam, believes 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.
The leader in credit cards, Citi Philippines is acknowledged for consistently setting new benchmarks with world class products and raising the bar with groundbreaking client service. In recent years, Citi has pioneered mobile-based payments with credit cards, real-time account inquiry with SMS and account management convenience with combined credit limit for multiple Citi cardholders.
According to Citi Country Officer Batara Sianturi, “Citi is proud to once again be at the forefront of customer banking innovation in the Philippines. We are delighted to introduce our clients to a new way to pay with their credit cards – where they simply wave, pay and go. In partnership with Visa and the merchants, we are committed to better serve customers.”
Citibank is driving contactless payments in the Philippines with the issuance of the country’s first Visa payWave credit card and by partnering with merchants to offer the payment technology to customers.
“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. Our research1 shows that cardholders appreciate Visa payWave because they don’t have to carry cash for small-value purchases – and it is as secure as paying with a regular Visa chip card. Retailers will benefit from faster checkouts, reduced queuing and lowering cash handling costs,” said Jamieson.
With the new Citibank Visa payWave, cardholders can simply wave their cards in front of a Visa payWave reader to pay for their goods. They also have the convenience of making transactions without needing to sign for purchases below PHP2,000 but are given the option to collect the receipt. On average, 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 Visa payWave card does not leave the cardholders’ hand.
Consumer Business Manager for Citi Philippines Bea Tan is confident that their cardholders will embrace the new technology. “We understand our customers and know the demands on their time and how their lifestyles are changing. Our latest innovation will empower our clients to access the latest technology in credit card payments – all while enjoying best in class rewards that they can only have with Citibank credit cards.”
“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.
About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 30,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com
Backgrounder
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
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