VMobile taps Smart Money for members’ payout, load wallet reloading
VMobile Technologies, Inc. (VMobile), one of the largest prepaid load distributors in the country recently tapped Smart e-Money, Inc. (SMI) for the use of Smart Money to pay out commissions to members all over the country, which means that they no longer have to pick up their checks and wait several days for processing before receiving payment.
Additionally, the funds in members’ Smart Money accounts may conveniently be used to instantly replenish their load wallets, or the electronic airtime credit bank used by retailers to electronically transfer load to customers.
“We are pleased to have the opportunity to partner with SMI for this project,” said Ferdinand Allan Bengco, COO at VMobile. “This partnership also allows us to offer more innovative products to members and customers, including an upcoming OFW kit for Filipinos working abroad which we’re releasing soon.”
“We look forward to getting the ball rolling for this partnership with VMobile, among the prepaid load distribution channels with the widest membership base to date. This not only affords VMobile members the convenience of easier claiming of payouts, but also opens opportunities for them to experience the many ways Smart Money can help enhance their daily lives—such as in bills payment, online commerce, and OFW remittances, among many others,” added Benjie Fernandez, COO at SMI, the financial services subsidiary of mobile leader Smart Communications, Inc. (Smart).
Bengco said they are also looking into converting their current independent business centers (IBCs) into small versions of Smart Stores, which will allow transactions for Smart Money Padala, the first money transfer service via text messaging.
Smart Money Padala will allow VMobile members, as well as other Smart Money users, to conveniently receive and send out money to their loved ones here and abroad. VMobile currently has 50 IBCs located around the country, which will be able to carry out these transactions.
A pioneer in the mobile banking and mobile wallet spaces, SMI implements a proprietary mobile commerce infrastructure that spans various products and services across different market segments.
SMI provides opportunities for financial institutions to introduce their services to unbanked customers, and for mobile network operators to expand the range of products available to their customers.
Just recently, SMI has expanded to provide payment solutions for entrepreneurs through an online payment gateway and a mobile point-of-sale (POS) system, which allows merchants to accept credit card payments from customers easily.
Established in 2008, VMobile is engaged in providing a means for small businesses and individuals to have their own mobile reloading business, with more than 400,000 members actively selling electronic airtime credits to prepaid mobile phone users around the Philippines.
Source: Smart Communications
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