Smart, Citi tie-up for e-payments

Monday, May 19, 2014

MANILA, Philippines—The mobile money unit Smart Communications is partnering with Citibank Philippines, allowing clients to settle bills using mobile platforms, a statement showed.

Smart, through Smart e-Money Inc., said this would be the first time it is collaborating with Citi Philippines, the largest foreign bank in the country. Smart is a unit of Philippine Long Distance Telephone Co., the country’s largest telco provider.

“Working together with Visa, Smart e-Money and Citi are committed to revolutionizing the payments landscape for both physical and virtual transactions,” the statement showed. The companies will use various mobile technologies, tapping Smart’s mobile financial services platform, while leveraging on Citi’s market leadership as the card issuer, and Visa’s expertise in payments technology.

“Smart e-Money, being a global pioneer in the mobile money domain, is well positioned to be more aggressive in raising the ante and in becoming the leader in enabling, engaging and empowering its target consumers,” PLDT chair Manuel V. Pangilinan said in the statement.

A Memorandum of Agreement was signed on May 5 to formalize the partnership between Citi Philippines and Smart e-Money, with regional officials from Citi Philippines and Visa in attendance alongside key executives from Smart and its affiliate companies including Manila Electric Co., Maynilad Water Services Inc., Manila North Tollways Corp., TV5 and PLDT.

Source: INQUIRER.net (link opens in a new window)

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banking, Base of the Pyramid, mobile money