AsiaPay, the leading online payments provider in Asia, has tapped Smart Money, the mobile commerce platform of the Philippines' leading wireless services provider - Smart Communications, Inc. (Smart).
Filipinos will soon have a convenient, efficient and more secure option to purchase goods and services from their favorite online merchants.
AsiaPay, the leading provider of secure electronic payment solutions in Asia has partnered with the Philippines' leading wireless services provider, Smart Communications, Inc. (Smart), to enable Smart Money account holders to pay for their online purchases through merchants of PesoPay - AsiaPay's online payment service in the Philippines.
Smart Money, which is the mobile commerce offering of Smart issued by BDO Unibank, Inc. (BDO) in the Philippines, is the world's first reloadable cash payment card linked to a mobile phone.
"We are excited to partner with Smart in offering additional payment options to merchants and in providing secure online payment support to Smart Money users. We are committed to providing innovative and effective solutions to the industry, and the extension from online to mobile payments is a key focus for AsiaPay. This latest partnership and offering strengthens our position as one of Asia's leading payment service providers offering total payment solutions to our clients," says Joseph Chan, CEO of AsiaPay.
"Our collaboration with AsiaPay underscores our strategy to find and work with the right partners to provide more value and convenience to our customers. The security, affordability and accessibility promised by the Smart Money platform, combined with the wide network of partners of AsiaPay, will provide both online buyers and sellers with an enhanced and unparalleled mobile money experience," said Elmer M. Malolos, Smart Load and Financial Services Head.
AsiaPay's wide network of merchant partners, extensive experience in electronic payments, and comprehensive fraud management system with real-time fraud potential transaction screening easily complement Smart Money's unique lock / unlock feature that enables any Smart Money account holder to authorize online purchases with just a few clicks on a Smart mobile phone.
The extensive capabilities and network of AsiaPay, combined with the unique features of Smart Money, including its alliance with the MasterCard network and internet transaction lock facility, provide internet users with a richer and more secure online shopping experience.
Recent statistics show that the e-commerce industry in the Philippines has not completely taken off. Aside from the fact that Filipinos still prefer the physical experiences associated with shopping, comfort level with online transactions have yet to improve as well. According to the first-ever in-depth study on the internet habits of Filipinos conducted by Yahoo! and Nielsen in March 2009, only 3% of over 20 million internet users in the Philippines, engage in online transactions.
Smart Money's mobile-based internet security lock feature addresses the security concerns of online shoppers as it requires account holders to input a Personal Identification Number (PIN) via a Smart mobile phone to signify that an online purchase transaction has been authorized. This gives Smart Money users even more control over their accounts, and protection from fraudulent online transactions. The Smart Money mobile internet security lock is a first in the Philippines. It won as Best Mobile Money Service at the 2009 Asia Mobile Awards in Hong Kong.