Smart expects 50% hike in e-wallet subscribers

MANILA, Philippines - Smart Communications Inc., a wholly-owned subsidiary of dominant carrier Philippine Long Distance Telephone Co. (PLDT), said it sees up to 50 percent growth in the number of its subscribers using its electronic wallet facility.

Anna Marie Cruz, head of the financial services-strategic alliances department of Smart, said the wireless arm of PLDT wants to grow the number of users of Smart Money as its subscriber base stood at 50.9 million as of end-June this year.

“There is still a bigger pie. There are one million users of Smart Money but Smart has close to 60 million subscribers,” Cruz stressed.

Smart Money is an electronic wallet, similar to a bank account, that allows subscribers to do bills payment, reload of airtime, and money transfers using a mobile phone. With the Smart Money MasterCard, subscribers could also do ATM and debit card transactions.

Cruz pointed out that there is a need to create awareness among its subscribers about Smart Money that could help improve the number of the country’s unbanked Filipinos.

“There is a need to educate the people that this channel works. Smart Money can become a tool for the unbanked,” she added.

For one, she pointed out that the company is looking at expanding its partnership with financial institutions particularly for banks.

Smart Money is also connected to 12 partner banks, transact in 9,000 ATMs nationwide, over 5,000 Money In Money Out Centers, and 95,000 international remittance partners worldwide!

Cruz said Smart is tying up with three to five more banks next year to beef up its mobile banking service partnerships. It has direct partnerships with Ayala-controlled Bank of the Philippine Islands, Metropolitan Bank and Trust Co. of taipan George SK Ty and Banco de Oro Unibank Inc. of shopping mall magnate Henry Sy.

It has also existing partnerships with nine other banks that are members of the BancNet and Megalink groups.

More Filipinos are forgoing traditional means of paying their utility bills, opting to complete their transactions using electronic wallets connected to their mobile phone.

In the first half of the year, Smart Money recorded a doubling of bills payment transactions following the inclusion of Sun Cellular as one of its biller partners.

Smart Money users can also use the bills payment service for hassle-free transactions with Smart Postpaid, PLDT, Meralco, Maynilad, Manila Water, Sky Cable and North Luzon Expressway (NLEX) Easy Trip.