Smart Money transactions double in 1^st half after Sun Cellular tie up

Philippines’ first electronic wallet service grew as much as 100 percent in terms of payment transactions during the first half of the year, provider Smart Communications Inc. reported Wednesday.   This development reflects the growing number of Filipinos who rely on mobile money transactions, according to the company, noting the service now has 10 million subscribers.   The volume of transactions surged after the service was linked to Digital Telecommunications Philippines Inc.’s (Digitel) Sun Cellular network in a billing partner arrangement.   Smart Communications parent Philippine Long Distance Telephone Co. acquired Digitel in a historic share swap deal with JG Summit Holdings Inc. last year.   To fuel the volume surge and expand its billing partners, Smart Money was also linked to another affiliate Cignal Digital TV, said Smart Financial Services head Tricia Dizon.   "The doubling of P2P [person-to-person] and bills payment transactions, combined with the marked increase in prepaid reloading, boosted the volume of overall Smart Money mobile transactions, Dizon noted.   “This reflects the growing significance of Smart Money's services to the daily lives of Filipinos," she added.   "Unlike other mobile money service providers, Smart Money facilitates easy bills payment for practically all major utility companies in the country,” Dizon claimed.   Smart Money subscribers can also do online shopping in MasterCard affiliate merchants worldwide, and received money transfers from more than 95,000 partner-agents. — VS, GMA News