Essential Businesses to Adopt Cashless Payments in the New Normal

Published September 10, 2020, 10:07 AM

by Len Amadora

 

According to a study by Mastercard, the Coronavirus pandemic has increased the usage of contactless payment by 40% in the first quarter of 2020 in APAC. With this, Philippine-based fintech firm JazzyPay enables essential businesses such as hospitals, schools, clinics and medical suppliers to go cashless efficiently in the time of the global pandemic.

When the Coronavirus outbreak hit the Philippines, the medical and educational sectors were greatly affected, and institutions had to adjust to the rapid changes brought about by the global contagion.  In addition, there is now a bigger need for hospitals and schools for cashless payments as more people shift away from cash to prevent surface contact and minimize interactions. It is also a faster, safer, and more secured way to keep operations going. However, the current process to adopt cashless payments in the Philippines is tedious and expensive.

Traditional players require merchants to pay deposits of up to half a million pesos as a security deposit. Even if businesses manage to acquire a point of sale (POS) machine, it is still limited to only credit or debit card payments onsite. The process can also take up to several months. As a result, 80% of hospitals, dentists and schools in the Philippines still rely on cash or cheques for big ticket payments.

With JazzyPay, merchants can now adopt cashless payments within only one day and without requiring a deposit. JazzyPay’s unified payments platform allow partner merchants to accept payments from anywhere in the world via 27 payment methods, including credit and debit cards (Visa, Mastercard, Amex), online banking, e-wallets (AliPay, CoinsPH, GCash, GrabPay, WeChat Pay) and over-the-counter deposits.

The co-founders of JazzyPay, Kathleen Acosta and Joshua Marindo have experienced the consequences of having limited payment methods in hospitals, where an emergency operation could not be immediately performed on their nephew due to the lack of online payment options. As a result, the payment had to be transferred by a relative from abroad and treatment was delayed.

“Having witnessed first-hand how inefficient payment methods can impede critical treatment in an emergency, we want to ensure that no one else has to undergo a similar experience. This inspired us to start JazzyPay,” said Kathleen Acosta, Chief Operating Officer and co-founder of JazzyPay. “With JazzyPay, all Filipinos, including overseas Filipino workers, are now empowered to pay for hospital bills and tuition fees for themselves and for their families. Our secure platform gives overseas family members assurance that their funds go directly to the intended recipients.”

 

 
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