A recent announcement from Mobile World Congress in Barcelona brings mobile money to the uncarded as PayMaya and Globe are working towards having their mobile money services work with each other.
This means Smart users who make use of PayMaya will soon be able to send money to Globe GCash users. They have successfull completed the first interoperability trial in Southeast Asia.
“We welcome this milestone on the mobile money interoperability initiative between Smart/PayMaya and Globe G-Cash. This development comes on the heels of the launch of the National Retail Payment System (NRPS) Framework in December led by the Bangko Sentral ng Pilipinas (BSP) and fully supported by the industry, which aims to create a “safe, efficient, reliable, and affordable electronic retail payment system that is interconnected and interoperable,” said BSP Deputy Governor Nestor A. Espenilla, Jr in a press release.
The hope of PayMaya is to let its users receive and transfer funds to and from their PayMaya accounts to other mobile money users, regardless of telco. This is indeed a good step ahead for our digital economy and the need for our country to keep up with the evolving financial technology business.
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