Smart expands e-money services beyond Smart Money

MANILA, Philippines - Smart e-Money Inc. is expanding its services to promote the use of electronic or digital wallets in various transactions.

“We are moving forward beyond Smart Money... We have been known for Smart Money, Smart Padala, etc. but we are evolving to other services,” Lito Villanueva, head of e-Money and Payments Innovation, told reporter’s yesterday.

Smart e-Money has first received an electronic money issuer (EMI) license from the Banko Sentral ng Pilipinas (BSP).

With the EMI license, Villanueva said the mobile financial services arm of Smart Communications Inc. can partner with any bank and microfinance institution to deliver its range of product offerings.

Villanueva said they are also planning to include the payment of government services such as Social Security System, Pag-IBIG, Land Transportation Office, National Bureau of Investigation, and Department of Foreign Affairs, via Smart e-Money.

“We want to cover as much ground as possible by enabling all government frontline services involving payments be covered by Smart e-Money,” Villanueva said.

“You don’t have to have a physical card, everything will be done using your phone,” he added.

Villanueva also said Smart e-Money, together with the Land Bank of the Philippines, will offer a loan facility for government workers.

“We want to provide a bridge financing for government employees for a maximum of P10,000... This is more of providing credit facility especially for unplanned and emergency situations,” Villanueva said.

This credit line will be relatively easy to apply for since applications will be filled up online and processed in a day’s time.

“Right now, we have about nine million (e-Money) subscribers... but in terms of active users, only about 20 percent of it,” Villanueva said.

“That’s why part of the engagement is to push for usage campaign on the Smart Money side,” he added.