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Philippines on board for Mobile Money

September 27, 2009 Leave a comment

In an article of inquirer.net, “RP gets grant to promote e-commerce”, the Philippines has been chosen as one of the first recipients of the Mobile Money for the Unbanked (MMU) Fund by the GSM Association, an international organization of telecommunications operators. The grant aims to create an electronic and mobile money scheme in areas with a population that does not have bank accounts.

In a statement, the GSMA said the MMU Fund should help the organization reach its goal of having 20 million “unbanked” users worldwide to start using e-commerce for their payment schemes.

In the Philippines, telecommunications firm Smart Communications will be one of the four initial recipients of the MMU Fund. Smart will use the funds to expand its Island Activations Program, which provides microfinance institutions with systems that allow for mobile payment and mobile banking.

With the dawn of E-Commerce, users are now faced with a newer and quicker way of transacting business online. This would be one of the milestones for the year, as it seeks to empower more individuals to shift to e-commerce as the way to do business in the modern context. Credits to MMU, our country is now gradually changing its paradigm by penetrating the online markets for doing the “money matters”. Also, they also had made the right decision to partner with SMART, one of the telco and IT giants of our country. By forging this partnership, the programs will reach a wide population of unbanked users, thus ensuring that it gets promoted with the right avenues. I am looking forward for the success of this endeavor in reaching its vital target of empowering users to utilize the power of E-Commerce!