Smart taps MoneyGram for electronic money transfer

MANILA, Philippines - Smart Communications has tapped leading global money transfer company MoneyGram International to  launch a remittance service that will allow Filipinos to send cash directly to  their beneficiaries’ Smart Money accounts in the Philippines. 

The service will initially  be available in San Diego, California and Hong Kong, and will be rolled out to other MoneyGram locations around the world.  

MoneyGram said the agreement with Smart will make it easier and more convenient for consumers in the Philippines to receive money transfers to their Smart Money account on their mobile phones.

MoneyGram will launch a pilot of the service in a select number of agent locations in San Diego, California and Hong Kong. Consumers can send transactions from these pilot locations to any Smart Money account linked to the Smart mobile phone in the Philippines.

Smart Money is the world’s pioneer in mobile wallet service and in cross border remittances into mobile wallets. Through the Smart Money platform, remittance beneficiaries have the flexibility to store the remittance value in their Smart Money account linked to their phone, pay bills or withdraw money from an ATM, a Smart Wireless Center or Smart Money Center. 

Beneficiaries also receive real-time text notifications after every transaction, giving them added reassurance of the successful receipt of the remittance.

“This partnership gives MoneyGram access to more than 39 million Smart subscribers in the Philippines and extends the benefits of our safe and reliable money transfer services to a new category of consumers. The Philippines is a major global remittance market and we’re pleased to offer yet another convenient choice for Filipinos working abroad to send money to their friends and family back home,” said John Hempsey, executive vice president for MoneyGram’s Europe, Middle East, Africa and Asia Pacific operations.

He added that with more than four billion mobile phones in use worldwide, people in developing countries often have more access to mobile phones than have access to traditional bank accounts.

“Mobile technology will play a critical role in the remittance market, and MoneyGram brings value to partners like Smart in helping to reach new customers, expand product offerings and generate new revenue stream, ” he added.

Meanwhile, Philippine Long Distance Telephone Co. (PLDT) and Smart president and CEO Napoleon Nazareno said the collaboration between MoneyGram and Smart will enable Filipinos abroad to send remittances directly to their loved ones’ Smart mobile phones in a matter of minutes. “This initiative reinforces our commitment to provide overseas Filipinos with more accessible, affordable and secure options to send cash to the Philippines,” he emphasized.

Earlier this year, MoneyGram added a US dollar payout option in the Philippines and expanded its agent network to more than 7,000 locations across the country.

MoneyGram offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading

global provider of money transfer services, MoneyGram helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. 

Its global network is comprised of 186,000 agent locations in more than 190 countries and territories.