No credit card or bank account needed for Smart?s new e-payment solution

Share on facebook
Share on twitter
Share on linkedin
Share on email

Photo shows (from left) Zalora executives Constantin Robertz, Paulo Campos, and Martin Cu (fourth from left), as well as SMI executives Paolo Azola (third from left), Benjie Fernandez, and Lawrence Ferrer Photo shows (from left) Zalora executives Constantin Robertz, Paulo Campos, and Martin Cu (fourth from left), as well as SMI executives Paolo Azola (third from left), Benjie Fernandez, and Lawrence Ferrer[/caption] Developed by Smart e-Money Inc. (SMI), MePay only requires upon registration a mobile number, irrespective of the telco provider. Accounts can then be loaded through direct transfers from Smart Money accounts or through any Smart Money Padala center. MePay money can be used to pay bills and engage in e-commerce transactions. “The Philippines has one of the highest growth rates for e-commerce in the Southeast Asian region but credit card ownership is still at just around 4 percent of the entire population– a long-time hurdle which MePay intends to address. Since many Filipinos do not have a bank account or have yet to own a credit card, e-commerce has not flourished in the country as much as everybody expected,” said SMI chief operating officer Benjie Fernandez. “With MePay, we are expanding the space for e-Commerce around the world by enabling secure and convenient online payments through a service that’s easy to use and access,” Fernandez added. The platform is initially compatible only with the online fashion retailer Zalora, but SMI is set to strike deals with other merchants, particularly those included in the Rocket Internet group. PLDT bought a tenth of startup incubator Rocket Internet for 333 million euros or about $445 million last August. “We are aggressively rolling out the MePay platform across more online merchants ni the Philippines, as well as activating the ability to add more fund sources in the months to come,” Fernandez said. ]]>

Facebook Comments

Latest Posts

Archives