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Smart Money is back! The OG mobile wallet returns – with an app

Business

Smart Money is back! The OG mobile wallet returns – with an app

By Manila Bulletin

Smart Money, a pioneer in the country's mobile payment sector, is making a surprise comeback after being discontinued nearly a decade ago.

Launched by Smart Communications in the early 2000s, Smart Money allowed users to make cashless transactions via SMS. It competed directly with GCash, now the market leader, offered by rival Globe Telecom.

The new Smart Money app is now available for download on App Store and Google Play Store. While the app boasts a modern interface, users currently cannot access the service as it remains in a waitlist phase.

Once fully operational, the revamped Smart Money will offer a transaction limit of P100,000. Users can pay for various services, including mobile load, utilities, toll fees, and internet subscriptions.

Smart Money's reintroduction raises questions about its potential impact on Maya, which has evolved into a licensed digital bank since Smart Money's departure. Notably, Smart's parent company, PLDT, only holds a minority stake in Maya, which is owned by Voyager Innovations.

For millennials who remember Smart Money's heyday, its return evokes nostalgia for a service that paved the way for cashless transactions in the Philippines.

Smart Money's comeback could ignite a renewed battle for market share with GCash, which has solidified its dominance in the industry.

Related Tags

ewallet Smart Money Philippines PLDT INC. GCash app

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