Smart Money secures online payment system

MANILA, Philippines - One of the leading online payments provider in Asia has tapped Smart Money, the mobile commerce platform of Smart Communications Inc., the Philippines’ leading wireless services provider.

AsiaPay thus enables Smart Money account holders to pay for their online purchases through merchants of PesoPay-AsiaPay’s online payment service in the Philippines.

Smart Money, which is the mobile commerce offering of Smart issued by Banco de Oro Unibank Inc. (BDO) in the Philippines, is the world’s first reloadable cash payment card linked to a mobile phone.

AsiaPay chief executive officer Joseph Chan said that the partnership with Smart offers additional payment options to merchants and in providing secure online payment support to Smart Money users.

“This latest partnership and offering strengthens our position as one of Asia’s leading payment service providers offering total payment solutions to our clients,” Chan added.

AsiaPay’s wide network of merchant partners, extensive experience in electronic payments, and comprehensive fraud management system with real-time fraud potential transaction screening easily complement Smart Money’s unique lock/unlock feature that enables any Smart Money account holder to authorize online purchases with just a few clicks on a Smart mobile phone.

The extensive capabilities and network of AsiaPay, combined with the unique features of Smart Money, including its alliance with the MasterCard network and Internet transaction lock facility, provide internet users with a richer and more secure online shopping experience.

Meanwhile, Smart Load and Financial Services head Elmer M. Malolos said that they have been looking for partners to provide more value and convenience in its services.

“The security, affordability and accessibility promised by the Smart Money platform, combined with the wide network of partners of AsiaPay, will provide both online buyers and sellers with an enhanced and unparalleled mobile money experience,” Malolos said.

Recent statistics show that the e-commerce industry in the Philippines has not completely taken off.

Aside from the fact that Filipinos still prefer the physical experiences associated with shopping, comfort level with online transactions have yet to improve as well. According to a study on the Internet habits of Filipinos conducted by Yahoo! and Nielsen in March 2009, only three percent of over 20 million internet users in the Philippines, engage in online transactions.

Smart Money’s mobile-based Internet security lock feature addresses the security concerns of online shoppers as it requires account holders to input a personal identification number (PIN) via a Smart mobile phone to signify that an online purchase transaction has been authorized. This gives Smart Money users even more control over their accounts, and protection from fraudulent online transactions. 

The Smart Money mobile Internet security lock is a first in the Philippines. It won as Best Mobile Money Service at the 2009 Asia Mobile Awards in Hong Kong.

AsiaPay is an accredited payment processor and payment gateway solution vendor for banks, certified IPSP for merchants, certified international 3D-Secure vendor for Visa, MasterCard, American Express, and JCB. It offers its variety of award-winning payment solutions that are multi-currency, multi-lingual, multi-card, and multi-channel together with its advanced fraud detection and management solutions.

Smart Money is the world’s first reloadable electronic payment card linked to a mobile phone. It combines the strength of Smart’s mobile commerce services and MasterCard’s wide merchant acceptance network, enabling consumers to enjoy a wide array of goods and services.