Smart launches digital wallet pilot with MVP Group firms

Smart Communications is piloting its digital wallet service, Smart Money, among employees of companies under the MVP Group in a bid to recapture lost market share.

Anastacio Martirez, Chief Operating Officer of Smart Communications, highlighted during a press briefing on Thursday that this pilot phase aims to gather insights before expanding the service.

Martinez emphasized Smart's ambition to revive Smart Money, which was launched in the early 2000s and later decommissioned in favor of PayMaya (now Maya), one of the six digital banks licensed by the Bangko Sentral ng Pilipinas.

GCash currently dominates the market with over 94 million registered users, while Maya has grown to serve around 5.4 million banking customers and 1.6 million borrowers.

PLDT, Smart's parent company, is interested in increasing its stake in Maya, potentially valuing it at more than $2 billion if KKR sells its minority stake.