Smart Communications Inc. appears to be reviving its once-popular e-wallet in the 2000s—Smart Money.
A new mobile app of the same name is now officially live on both the Google Play Store and Apple App Store.
It offers similar features as other e-wallet platforms such as sending money, bank transfers, scan-to-pay, and bills payments among others.
However, it’s not functional yet at the time of writing.
While the app can be installed and register with your mobile number, Smart has yet to launch its waitlist. Thus, it won’t be accessible for the general public for now.
Smart Money revival sparks competition against GCash… and Maya?
Despite the known fact that Smart is affiliated with Maya, the latter’s business model has evolved to a properly licensed digital bank. According to a report by Inquirer, Maya has shifted its focus to merchant acquisition rather than consumer-to-consumer payments.
Furthermore, PLDT’s stake in Maya’s parent company, Voyager Innovations (which is also PLDT’s fintech arm), has been reduced to a minority position, limiting Smart’s influence over Maya’s operations.
Smart Money’s return primarily aims to challenge GCash’s dominance. However, it also presents a business opportunity for Smart to expand its services while maintaining full control of the business.
Smart has yet to make an official announcement. Interested readers can download the app on Google Play Store and Apple App Store.
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