“Smart Money” was introduced in the Philippines in December 2000 to both post- and pre-paid subscribers. A partnership with MasterCard, the company calls Smart Money “the world’s first electronic cash card linked to a mobile phone”. Smart Money enables users to transfer money from a bank account to a Smart Money account. Subscribers can then use a Smart Money card like a debit card to pay for a variety of goods and services at a network of retail stores and restaurants. Another element of the service allows users to transfer cash from one Smart Money card to another via SMS. The service being restricted to customers with a bank account, it could be characterized as more of a “top of the pyramid” service
Type: Report
Region: Asia-Pacific
Country: Philippines
Category: Economic
Organisation/Author: Smart Communications, Inc.