New partner program to help small businesses in Asia Pacific
accept digital payments in minutes
Small
businesses are the backbone of economies across Asia Pacific, making up over
90% of all businesses and providing more than 60% of jobs. [1]
As the world has shifted further to digital across all aspects of commerce,
small businesses (SMBs) have had to adapt, from selling online, digitising
their supply chain and vendor payments, and accepting digital payments from
customers. According
to the 2022 Visa Global Back to Business Study, 90 percent of small businesses
surveyed with a digital presence, attributed their pandemic survival to e-commerce. [2]
To
accelerate the digital growth of small businesses in Asia Pacific, Visa is
announcing the launch of the Acceptance Fast Track Program. Under the new program, small businesses will be able to
begin accepting digital payments in a matter of minutes, thanks to new Visa
solutions, onboarding processes and program participants (acquirers and payment
facilitators).
“Small businesses in Asia Pacific have
often been ahead of the curve when it comes to embracing new technology,” said
Neil Mumm, Head of Merchant Sales & Acquiring, Visa, Asia Pacific. “Over
the past two years we’ve seen that trend accelerate across every facet of
running a business, from a bicycle shop in Vietnam to pop-up stores and street
vendors in Hong Kong, all enabling cashless payments. While SMBs are grappling
with so much change, we want payments to be the easy part. That’s why, together
with our partners, we’re making it faster and simpler to get plugged into
Visa’s global network.”
Who can participate?
The Acceptance Fast Track Program, open to
payment facilitators and acquirers across the region, will help small
businesses provide digital payment options through a holistic set of tools
targeted at serving the SMB segment.
How
will faster digitisation help?
- Enabling digital payments with Visa will
help small businesses boost revenue and increase efficiency - Customers can enjoy a seamless checkout
experience and be assured of safe, reliable transactions - Based on our observations, paying digitally results in
sticky customers. For example, tapping to pay drives nearly 4x more
transactions and nearly 2x higher spend than non tap-to-pay, and most of the
increase comes from habitual everyday spend categories like grocery,
convenience stores and transit [3]
What’s new for small businesses?
Partnering with Visa and participating
Enablers, program participants will be able to onboard small businesses by
providing:
- Access to new acceptance solutions from Visa, like the
Tap to Phone terminals in Asia Pacific that turn merchants’ smartphones to
payment acceptance devices - eCommerce
payment capabilities for merchants and small businesses - Contactless
payment acceptance capabilities - Improved
time to enablement via the underwriting and merchant credit scoring tools like
Visa’s Rapid Seller Onboarding that are being deployed by Visa partners
What’s new for acceptance enablers?
The Acceptance Fast Track program will
provide acceptance enablers like acquirers and payment facilitators with
support including:
- Special
rebates for deploying new acceptance solutions such as Tap to Phone, Rapid
Seller Onboarding and dispute resolution solution Verifi - Tools
to track merchant onboarding - Access
to a payments hub with specially curated resources - Dedicated
Visa support
Launch Partners
Current
partners on the Acceptance Fast Track program include:
- Allinpay: FinTech company
providing integrated payment solutions in Singapore - Ambank: financial services group in
Malaysia - eGHL: online payment gateway operating in Thailand,
Malaysia, Philippines and Australia - NextPay: leading payment facilitator
in Vietnam - OxPay: integrated payments solution
provider in Singapore - PayMongo: online payment processor in
the Philippines - YedPay:
payments solutions provider in Hong Kong - WebXPay: online payment gateway in Sri
Lanka
Payment
facilitators and acquirers can express their interest to join Acceptance Fast
Track Program here.
[1] How Can Asia Reignite Its SME Growth Engine through Trade?
[2]
Going digital key to small business success
[3] Visa Investor Day 2020
