By Ted P. Torres (The Philippine Star) Updated August 23, 2011 12:00 AM
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MANILA, Philippines - Wireless leader Smart Communications Inc. is
offering the world's first cash card linked to a mobile phone – Smart
Money – to all overseas Filipinos, including the estimated 330,000
Filipino seafarers in international waters.
As an added convenience, BDO Unibank Inc. is the sole issuer of Smart
Money in the Philippines. BDO operates 730 branches and more than 1,400
automated teller machines (ATMs) nationwide.
During the recent International Seafarer Family Convention (ISFC) 2011,
Smart presented the cash card linked to a mobile phone to Filipino
seafarers and their beneficiaries.
The two-day ISFC had the theme 'The bonds of families, the success of
the world,' and is geared at strengthening ties among seafarers'
families, and to recognize the contribution of the maritime industry to
the Philippine economy.
In fact, Smart is offering free Smart Money cards for all Filipino
seafarers and their designated beneficiary this month until December
2011. They just need to present their 'seaman's book' or their 'allottee
card' as proof and start using the service to directly receive
remittance within minutes from abroad.
Remittance from sea-based overseas Filipinos reached close to $1.7
billion in the first half of 2011, according to data from the Bangko
Sentral ng Pilipinas (BSP).
Filipino seafarers account for roughly a quarter of the world's
oceangoing sailors. And they are known to regularly send remittances
back to the families in the Philippines, no matter what port there are
located at a given time.
That can be made easier with Smart Money.
Whatever port, Filipino seafarers can make cash transfers to their
loved-ones' Smart Money account in the Philippines. They can do this
through any of over 95,000 international money transfer locations, as
well as participating locations of The Western Union Co. and MoneyGram
International in the United States, Malaysia, and in Hong Kong.
Once the funds are sent, within minutes the Philippine-based beneficiary
receives a short message service (SMS) or more popularly known as "text
message" notification on the details of the Smart Money fund transfer.
They then have the option to use the funds to securely pay for utility
bills such as Smart postpaid, the Manila Electric Co. (Meralco) and
Maynilad Water Co. Inc., with just a few clicks on their mobile phone,
anytime, anywhere.
They may also use funds from their Smart Money electronic wallet
(e-Wallet) to transfer money to their Smart or Talk 'N Text friends
through Pasa Pera by just entering their mobile number, or purchase
airtime load for their Smart mobile phones and get five percent bonus
load, or to pay for goods and services securely from over 30 million
MasterCard establishments worldwide and online.
Smart Money accountholders also have the option to use their Smart Money
card to withdraw the seafarer's cash remittance from any of over 10,000
ATMS, 4,000 Smart Money Centers, or 100 Smart Retail Stores.
Bill payments are the most common service used by mobile banking users,
followed by money transfers, and loan payments.
Favorite channels used are pawnshops, payment centers, banks, and
person-to-person (P2P).
Unofficial estimates place mobile payments in the Philippines at P8
billion in 2009. Mobile payments coursed through rural banks reached P5
billion in 2009. Globally, mobile payments are estimated to reach $240
billion worth of transactions this year.
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