Smart Money expands tie-up with MasterCard International

With mobile commerce revenues expected to reach $19 billion in 2005, local company Smart Money Holdings Corp. has expanded its existing partnership with MasterCard Intl. Inc. in order to tap this growing market.

"By leveraging on the unparalleled global acceptance that MasterCard cards enjoy, our prospective clients will be able to truly harness the powerful functionaly of the electronic wallet feature of their cards. In the long run, we believe that this will mark a positive move for the promotion of mobile commerce usage," according to SMHC president and CEO Ian Wilson.

A report of Durlacher predicted that mobile commerce revenues in 2003 will reach $5.1 billion, going up to as high as $19 billion in 2005.

Mobile commerce innovator Smart Money Holdings Corp. (SMHC) has raised to a higher level its partnership with MasterCard International Inc. by signing an international alliance agreement in Singapore recently.

The international alliance agreement, signed recently in Singapore, will allow the two parties to combine their respective fields of expertise to further promote and develop areas of opportunities for SMHC’s Smart Money Mobile Commerce Platform in tandem with MasterCard’s programs and services for mobile operators and financial institutions.

The alliance between SMHC and MasterCard started in November 2001 when parent company, Smart Communications launched the Smart Money MasterCard Electronic. Smart provided the enabling infrastructure of its GSM network and its mobile banking system while MasterCard ensured wide acceptance through its network of merchants.

For his part, MasterCard Intl SVP and Southeast Asia GM Ajay Bhalla said MasterCard strives to empower customers through the deployment of leading edge technology "and this mobile commerce initiative dovetails perfectly with our commitment to offer an increasing range of payment options to our cardholders."

Initially designed for and by Smart Communications Inc., the Mobile Commerce Platform was developed using various international and local partners. It has since attracted serious attention from international mobile operators looking for innovative mobile commerce solutions. Last September, Telekom Malaysia’s TM Cellular awarded a contract to complete an end-to-end mobile commerce implementation for its TMTOUCH’s digital subscribers.

Since then, TM Cellular has started deployment of the first phase of its mobile commerce system, investing approximately RM 14 million for hardware, software and consulting services using the Smart Money Mobile Commerce Platform. Using the platform, the Malaysian operator launched its Mobile Banking and Payment via Secure SMS in October 2002 and is to launch a Malaysian version of SMHC’s e-wallet, Smart Money.