Toyota Motor Philippines: Progressing cashless society through integrated e-wallet – BusinessWorld Online

Going over the demands in the new normal, an option to provide digital payment solutions for consumers is accelerating across industries to provide a safer and convenient means to pay for essentials.

Toyota Motor Philippines (TMP), for its part, further speeds up its drive towards digitalization by venturing into online payment channels for customers. The undertaking, while a way to adapt to the ‘new normal’ living, also expands the cashless society in the country.

Toyota’s journey towards being cashless with TOYOTA Wallet started in Japan in 2019. Thailand followed, adopting a digital wallet as well a year after. The Philippines then joined in by launching its myTOYOTA Wallet this year.

TMP, together with Toyota Financial Services Philippines (TFSPH), released the myTOYOTA Wallet app to enhance customer experience by a digital wallet that brings together a range of payment options in one app, which is also connected to the whole Toyota ecosystem that now accepts mobile payments.

Through the new app, customers in the Philippines can pay for their Toyota transactions in services such as periodic maintenance, vehicle repair, purchasing parts and accessories, and vehicle insurance payments.

myTOYOTA Wallet offers two account types for customers: the Basic account has a P100,000 transaction limit per year; while the Upgraded account allows a P100,000 transaction limit per month or P1.2 million per year.

The application process only needs a few taps. After registering using an e-mail or mobile number, adding personal details, and signing in with username and password, customers can then easily link their selected credit and debits cards.

To activate an upgraded account, customers also need to take a photo of their ID and a selfie for verification. Approval status will be notified after one or two days.

myTOYOTA Wallet allows the user to connect up to three credit and debit cards, as long as the card is supported by Visa or Mastercard. Customers can choose to pay electronically through the myTOYOTA app or scan QR codes with the app at any Toyota dealer nationwide. They can also be assured of the safety of transactions in the app with its features that include point-to-point encryption, one-time password, and mobile PIN authentication. myTOYOTA Wallet is thus made to be flexible, easy, and secure for Toyota customers.

As Toyota’s cashless society expands globally, customers can look forward to more features and expanded services beyond cars. Following the app’s launch, electronic money services will soon be available, TMP told BusinessWorld in an e-mail.

TMP has been enhancing its digitalization over the past year. Aside from presenting online payment options, it also has a mobile app, myTOYOTA, which provides customers with a unified platform to access the entire information and services they need like car buying, after-sales, and maintenance via a single app. It also opened a virtual showroom to let interested buyers explore the interior and exterior of vehicles.

TFSPH, a part of Toyota’s network of sales finance companies under Toyota Financial Services Corp., commits to enhancing its financial services through kaizen or “continuous improvement” activities. The unit creates value for customers through reliable financial products and services that meet their unique needs and expectations.

Toyota Financial Services Philippines Corp. is supervised by the Bangko Sentral ng Pilipinas.

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