Looking to drive the massive adoption of online and mobile payment solutions in emerging markets, the Philippine Long Distance Telephone Company (PLDT) Internet platform Rocket Internet AG are establishing a global Joint Venture for payment services.
Under the agreement, PLDT will contribute the intellectual property, platforms and business operations of its mobile-first payment platform Smart e-Money Inc., a pioneer in mobile banking and mobile wallet services in the Philippines, which has handled transactions valued at approximately EUR3.4 billion (USD4 billion) in 2013.
With over 5 million active customers and 300.000 trade accounts, SMI owns and manages the Philippines’ biggest “branchless banking” network, certified at the highest global security and governance standards as a financial service platform.
“We look forward to continuing the long-term success story of Smart Money and optimizing the synergies between e-commerce and innovative mobile-first payment solutions,” said Napoleon L. Nazareno, President and CEO of PLDT.
Rocket, on the other hand, will contribute its participations in Paymill Holding GmbH and Payleven Holding GmbH, two of its payment platforms for high growth, small-and-medium-sized e-commerce businesses across Europe.
Oliver Samwer, Founder and CEO of Rocket Internet, said its network of companies combined with PLDT’s 14 years of experience in the mobile payment industry will allow the partnership to deliver world-class innovations in mobile money and micro-payments around the world.