Wednesday, September 30, 2009

BPI ties up with Smart on mobile banking services

By Doris Dumlao
Philippine Daily Inquirer
First Posted 00:50:00 09/30/2009

Filed Under: Technology (general), Banking,Telecommunications Services

LEADING WIRELESS PROVIDER Smart Communications has teamed up with the Ayala-led Bank of the Philippine Islands (BPI) to provide a new mobile banking platform offering a full range of services to their common clients.

Though affiliated with Smart’s stiffest competitor Globe Telecom, the new tie-up with Smart means that BPI is first and foremost a financial institution that is willing to embrace technology to boost services to its 3.5-million group-wide client base, BPI president Aurelio Montinola III said in a briefing yesterday.

“It is really part of BPI’s commitment to take advantage of alternative channels to make banking more convenient for our clients,” Montinola said.

The new platform allows BPI clients who are Smart Buddy, Smart Gold and Infinity subscribers to access their bank accounts and perform balance inquiry, fund transfers, bills payment, Smart prepaid airtime reloading and Smart Money reloading using their cell phones.

“We are confident that this partnership with BPI, the country’s pioneer in electronic banking, will result in an expanded, more secure and more convenient banking experience for millions of Smart and BPI customers,” said Napoleon Nazareno, president of Smart and its parent Philippine Long Distance Telephone Co.

“Smart sees bright prospects for mobile commerce in the Philippines. As the country’s leading telco, we have adopted the fundamental strategy of providing relevant communication solutions and mobile security infrastructure to our partner banks,” Nazareno added.

Smart, the flagship unit of PLDT, has about 38.5 million subscribers on its GSM network.

Prior to this full-mobile banking arrangement, BPI clients who are Smart subscribers could only use the balance inquiry function using their mobile phones.

Of the BPI group’s 3.5 million retail client base, Montinola estimated that about 250,000-500,000 have already started using alternative electronic banking channels, excluding the automated teller machines.

“On a personal basis, I’ve seen the evolution. I very rarely pay my bills. I went to ATMs but then mobile is even faster and people are used to it,” he said.


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