PayMaya And GCash Interoperability In The Philippines Announced!
That's in full support of GSMA and BSP financial inclusion goals. Anyway, that only means that interoperability between digital paymens mobile app Paymaya with Globe's GCash inw making mobile money services more inclusive and accessible to everyone is now possible. That's a first in Southeast Asia between two mobile money providers.
“This is a step toward advancing the future our digital economy. Even before this initiative, we have pioneered a mobile payments solution that can be used by users from any telco provider by launching PayMaya, an over-the-top digital service. Interoperability, therefore, is but a natural progression in the ongoing evolution of financial technology services in the country,” said Orlando B. Vea, President and CEO of PayMaya Philippines.
“We welcome this milestone on the mobile money interoperability initiative between Smart/PayMaya and Globe G-Cash. This development comes on the heels of the launch of the National Retail Payment System (NRPS) Framework in December led by the Bangko Sentral ng Pilipinas (BSP) and fully supported by the industry, which aims to create a "safe, efficient, reliable, and affordable electronic retail payment system that is interconnected and interoperable,” said BSP Deputy Governor Nestor A. Espenilla, Jr.
“As we have done with collaborations with the BSP in the past, we are fully committed to support this initiative led by the GSMA, cognizant of the benefits it will bring to millions of mobile money users around the country,” said Benjie S. Fernandez, co-Chief Operating Officer of PayMaya Philippines.
How will it work?
Pretty good news right? Something to look forward and let's hope that it will be successful.
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