Visa calls on APAC payments industry to adopt tap to phone solutions

Tap to pay via the smartphone is a quick and easy way to make contactless payments. However, businesses are slow in adopting tap to phone solutions even though 55 percent of Asia Pacific consumers surveryed are willing to use this mode of payment.

According to a YouGov survey commissioned by Visa, consumers in the region are ready to embrace this form of payment once tap to phone solutions are introduced.

The strongest interests are in Malaysia (64 percent), Taiwan (62 percent), Hong Kong (62 percent), and India (55 percent).

“Asia Pacific has led the world in adopting contactless payments, which now account for around 44 percent of face-to-face Visa transactions in the region, climbing to over 70 percent in a number of key markets. For micro and small businesses, Tap to Phone is a cost-effective way to accept Visa and enjoy the benefits of digital commerce,” said Chris Clark, Regional President of Visa Asia Pacific.

No need for payment terminals

Tap to phone enables sellers to accept Visa contactless payments directly on their own Android NFC-enabled smartphones, without the need for a separate payment acceptance terminal, removing a barrier to entry for cashless transactions.

Half the consumers surveyed rated ease of use, time saving and eliminating the need to carry cash as the top three reasons for paying with tap to phone.

The most likely places to pay via tap to phone are convenience stores (59 percent), restaurants (56 percent) and food courts, street stalls and kiosks (52 percent).

“Customers at convenience stores, restaurants and quick-service outlets like food courts don’t want to be slowed down by a cumbersome payment transaction. And for these businesses, speed and convenience in serving their customers is a priority. Tap to phone is a new option for these businesses to consider, especially if they’re not yet accepting digital payments,” said Clark, who also pointed out that Visa is collaborating with its partners to bring more tap to phone solutions to the region in light of consumer demand and opportunity for businesses.

Visa is working with and has certified nine technology providers. It is also partnering with many acquirers and fintechs to bring solutions to market.