Credit information company TransUnion Philippines and payments technology firm Mastercard have teamed up to help financial institutions gain a broader view of consumers’ financial behavior, with the aim of expanding responsible access to credit in the country.
Commuters in Metro Manila can now pay fares on select Delta NeoSolutions Inc. (DNS) point-to-point (P2P) buses using contactless Mastercard credit, debit, and prepaid cards, as open-loop payments are introduced on parts of the network.
The newly launched Automated Fare Collection System (AFCS) enables contactless payment options, including Visa and Mastercard debit and credit cards, and QR payments via GCash using NFC-enabled Android smartphones.
Commuters utilizing the Bonifacio Transport Corporation (BGC) buses can now pay their fares by tapping any Mastercard credit, debit, or prepaid card on the beep BGC bus validators.
E-commerce dominated over other businesses during the entire pandemic period that began in March 2020, a top executive in the credit card industry said.
Although the pandemic has paved the way for the rise of electronic payments, the lockdowns imposed by the government are taking a big toll on the local credit card industry.
As country manager, Simon Calasanz will focus on accelerating acceptance and usage of digital payments, especially for smaller merchants and businesses, while also expanding on Mastercard’s ongoing digital and financial inclusion initiatives in the country.
