Smart scores e-commerce breakthrough with launch of PayMaya mobile service

MANILA, Philippines - Digital services leaders PLDT and Smart Communications Inc. scored another global breakthrough with the launch of PayMaya, a game-changing service that allows users to instantly sign up and activate a Visa card using only a mobile app.

The new service is part of the growing partnership with Rocket Internet AG, which aimed to combine the Smart e-Money Inc.’s world-class mobile money expertise with Rocket’s e-commerce platforms, particularly in emerging markets around the world.

“The launch of PayMaya reflects PLDT’s concerted effort toward making the digital shift, particularly in the field of mobile and online payments. From a SIM-based, telco-based platform Smart Money, we have transitioned the technology into the app-enabled, OTT-based PayMaya to serve more users not just in the Philippines, but also in other emerging markets around the world,” Napoleon L. Nazareno, president and CEO at PLDT and Smart, who also sits on the board of Rocket Internet, said.

PayMaya will help bridge the gap for this population and allow them to participate in the growing digital economy, particularly those residing in the more than 100 markets where Rocket also operates-including countries in Latin America, Africa, Middle East, India, and Southeast Asia.

“Rocket Internet is proud to be the PLDT Group’s joint venture partner for PayMaya with Smart e-Money. We are set to deploy PayMaya as a world-class solution in other emerging markets,” said Paolo Azzola, co-chief operating officer at Smart eMoney and managing director at Rocket Internet.

Around the world, an estimated 2.5 billion people have no access to financial services also known as the “unbanked and un-carded” population.

A vast majority of this population resides in Africa, the Middle East, and Southeast Asia, where only one in five adults has a bank account, and even less for credit card ownership.

With PayMaya, PLDT is opening the e-commerce and digital space to the unbanked and un-carded population by allowing them to instantly transact online. Once they have downloaded the PayMaya app on their phones and registered using their mobile number, they will instantly receive a virtual Visa card from within the app.

Part of Smart eMoney’s collaboration with Visa, the instant Visa card from PayMaya gives users a unique 16-digit Visa number and other pertinent details which they can immediately use to transact with any merchant or service provider that accepts Visa cards online.

This means they no longer have to sign physical application forms or provide numerous financial documents in order to transact online.

All they have to do is load up their PayMaya account through various partners that are being deployed (7-Eleven stores, Robinson business centers, SM business centers, MiniStop stores, Smart Jump centers and Smart Padala outlets nationwide, among others), enter the 16-digit Visa number generated by the PayMaya app when they make their online payments, and instantly complete their online transactions.

Likewise, users can apply for a physical Visa card through the app, which they can then use for offline purchases in stores. A physical card with ‘beep’ integration is also available for use in metro trains.

Nazareno said the development of PayMaya as an OTT (over-the-top) platform is crucial in bringing the innovation to other emerging markets where it is needed the most since it no longer requires an accompanying SIM card for it to work.