PayMaya And GCash Interoperability In The Philippines Announced!

Instead of fighting for the bigger market share, Smart Communication and and Globe telecoms just announced that they'll be working together. We just got an email from them announcing that PayMaya and Globe's GCash interoperability trials was successful.

Paymaya and GCash Interoperability

Announced at the MWC 2016 in Barcelona, Spain. Nobody saw this coming! Except for Smart Communications and Globe themselves.

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.

The initiative by GSMA was also in line with Bangko Sentral ng Pilipinas-led vision for a National Payments Retail System in the country a possibility.

“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?

Users of PayMaya in the country can now send funds to users even if they're using other platforms such as GCash and vice versa. That move will definitely be a big boost in the growth of mobile money systems usage in the country as there are now less restrictions and more collaborations in making our local digital commerce ecosystem be boosted.

It's great to see both providers do something this important and useful for the ease of our lives. In the end it will only make transaction faster and more convenient for everyone. A win win situation for Smart, Globe and us.

Interoperability implementation is expected to take place this year of 2016.

Pretty good news right? Something to look forward and let's hope that it will be successful.

For more info: Click Here!