Many Filipinos still rely on informal channels for their borrowings, while almost two out of every five households use their ATM cards as collateral for borrowings, such that the Bangko Sentral ng Pilipinas is urging intensified financial inclusion efforts to bring more borrowers into the formal sector.
BEEP cardholders may soon reload and make purchases in more convenience stores as the contactless payment provider is currently in talks with 7-Eleven and Ministop.
The Philippines has begun the transition to the use of EMV (Europay, MasterCard and Visa) technology for credit, debit, and prepaid cards.
In line with the thrust of the Bangko Sentral ng Pilipinas to create an enabling regulatory environment for innovations and allow banks to exponentially expand reach and serve clients more efficiently, the Monetary Board recently approved the guidelines for new bank service channels and relaxed existing regulations on deposit taking activities outside bank premises.
Smart subscribers are in for a whole lot of treats with exclusive prepaid load and online shopping discounts through PayMaya, the country’s leading digital payments mobile app that allows users to get an instant virtual prepaid Smart MasterCard that they can use for digital purchases.
By downloading the PayMaya app on their Android or iOS phones and registering with their Smart, TNT or Sun mobile number, subscribers will be able to instantly get a virtual prepaid Smart MasterCard which they can load up at PayMaya load-up centers and use in more than 36 million merchants worldwide that accept MasterCard.
Smart subscribers who download the PayMaya app and use their virtual prepaid Smart MasterCard can also get as much as 10 percent discount on Smart prepaid load when they buy in-app, as well as enjoy exciting perks and discounts from Zalora, Jollibee and many other big brands that will be announced in the coming weeks.
“With a vast majority of ‘uncarded’ Filipinos, many are still unable to experience the life-changing benefits that digital services offer today. With the Smart and PayMaya partnership, we aim to once again help our customers break barriers and experience new ways of transacting and engaging,” said Katrina Luna Abelarde, SmartWireless Consumer Operations head.
“We are happy to join forces with Smart, the leader in mobile, so their subscribers can get more out of their purchases through the virtual prepaid Smart MasterCard. With Smart’s reach and ‘nationwidest’ presence, we can all, in turn, help bring the many benefits of digital payments to more Filipinos,” said Kenneth Palacios, PayMaya Philippines director and vice president for International Platforms.
PayMaya is the globally recognized digital payments app from PayMaya Philippines, the digital financial services arm of PLDT and Smart. Launched in September last year, the app has been the consistent no. 1 in the Google Play Philippines charts under the finance app category.
The PayMaya mobile app serves as a digital prepaid wallet where users can link virtual and physical prepaid cards, among them the Smart MasterCard. PayMaya Philippines is regulated by the Bangko Sentral ng Pilipinas to ensure all user transactions are secure.
With their virtual prepaid Smart MasterCard, users will be able to:
• Transact online and use digital services. With the instantly generated 16-digit card number in their virtual MasterCard, users will be able to do online shopping and subscribe to their favorite digital services that require a credit, debit or prepaid card as a payment option.
• Get discounts on prepaid load packages. Users will be able to purchase prepaid credits and enjoy up to 10 percent discounts to load their own Smart prepaid numbers or send as gifts to family and friends.
• Pay bills. Through the app, users will be able to pay their Smart, Sun, PLDT, Maynilad, Cignal, Meralco and a host of other bills using credits they have loaded to their PayMaya account.
Users can load up their PayMaya accounts in any of the over 15,000 touch points nationwide, which include Smart Stores, SM Malls Business Centers, Robinson’s Department Stores, UnionBank ATMs, 7-Eleven stores with Cliqq Kiosks, TouchPay Kiosks, and Smart Padala Centers, on top of online banking via BDO and UnionBank.
With the PayMaya app, users will be able to instantly see a list of all their transactions and manage their usage. At the same time, they will receive timely SMS notifications each time they use their virtual prepaid Smart MasterCard anywhere.
Smart and PayMaya also introduced a physical Smart MasterCard payment card and an NFC-enabled Smart MasterCard payment sticker, which users can link to the PayMaya app and use in millions of brick-and-mortar merchants that accept MasterCard here and abroad.
To know more about Smart MasterCard, visit smart.com.ph or www.paymaya.com.