How to Activate Smart Mobile Money
Smart Communications Inc., the top mobile phone company in the Philippines, claimed that its 55.4 million Filipino subscribers now have access to Smart Money virtual accounts, which they can activate as they choose.
Smart Money, the mobile money service of Smart eMoney Inc. said the number of transactions for Smart Money peer-to-peer transfers and domestic remittances surged 32 percent in May from the year ago. The number of unique accounts also increased 16 percent year-on-year in the same period.
Meanwhile, revenues from the service jumped 124 percent in May as compared to the same month last year.
“The right factors are coming together for mobile money in the country and we’re seeing this in the positive growth for Smart Money. With more than 55.4 million Filipinos on Smart’s network enabled with ready mobile money virtual accounts, the potential is huge. That’s why we are constantly looking for ways to expand and enhance our various mobile money offerings to our subscribers. This will be a great tool for the majority of people with limited access to physical banking services.” said SMI president and chief wireless advisor Orlando B. Vea.
Data from the Bangko Sentral ng Pilipinas (BSP) shoew the volume and value of transactions in electronic money in general, including mobile money, have been steadily increasing, particularly since the regulating body issued its Electronic Money Circular in 2009.
From 2010 to 2013, volume and value of transactions rose by 57 percent and 66 percent, respectively.
SMI said it stepped up its merchant acquisition and consumer uptake programs and has launched in the past year a number of financially-inclusive products that aim to bring even those in the bottom of the pyramid into the economic mainstream.
“We’re seeing a lot of online entrepreneurs, web and mobile commerce sites and brick and mortar stores accepting Smart Money. This will continue to grow as many businesses are now going mobile, with the increased smartphone and data services usage in the country.” said Benjie S. Fernandez, managing director at SMI.
SMI said it has also been developing new mobile financial services that leverages on their mobile commerce platform. Recently, Smart and SMI launched the first fully electronic Mobile Loan Saver program in partnership with the Land Bank of the Philippines (LANDBANK) that allows government employees to secure a loan from LANDBANK.
“The mobile money infrastructure and services are already here and we will see more improvements to come.” Fernandez said.
Smart introduced its virtual wallet feature in 2010. As of March 2014, all 55.4 million Smart and Talk N Text subscribers have provisioned Smart Money virtual accounts which they can activate and use to receive money using the mobile phone.
Soon, Sun Cellular’s 15.1 million subscribers will be enabled by the Smart Money mobile commerce platform. To enjoy Smart Money’s full features, a Smart Money card is needed. To get one, subscribers simply have to present a valid ID at any Smart Wireless Center.
The new Smart Money cardholder may then enjoy its array of services, such as bills payment, peer-to-peer cash transfers, purchase of goods and services from partner MasterCard establishments worldwide and online, and the ability to withdraw from ATMS in the country and thousands of Cirrus ATMs around the world.
Smart said it has been at the forefront of mobile money innovations globally since 2000. Together with its subsidiary SMI, it has won numerous global recognitions including Best Mobile Money Service and Best Mobile Money for the Unbanked at the 2009 Asia Mobile Awards in Hong Kong; Most Innovative GSM Wireless Service for Customers given by the GSM Association in Cannes, France in 2001; and Most Innovative Service, Asia-Pacific Marketing Awards of MasterCard International in Sydney, Australia in 2001. It also won the National IP Award at the 2010 Ambassador Alfredo M. Yao National Intellectual Property (IP) Awards.