Smart Money, GCash’s biggest rival in the early 2000s when sending money via SMS was decommissioned in 2016—until now. After an 8-year hiatus, Smart Money is making a surprise comeback.
Smart Money App Spotted on Google Play Store
The revival of Smart Money was first reported by Unbox.PH, confirming the existence of a Smart Money app on the Google Play Store. Developed under Smart Communications, the app features a sleek interface reminiscent of popular e-wallets like Maya and GCash.
While users can download the app and create an account, functionality is still limited as the waitlist for activation has yet to begin. Based on the app’s preview, the new Smart Money will feature:
- A Php 100,000 wallet limit.
- Payment options for load, toll fees, utilities, and internet services.
The Competitive Landscape: Where Does Maya Stand?
Smart Money’s return raises questions about its role in the e-wallet space, particularly in relation to Maya, which has undergone significant changes. According to a report by Inquirer’s Biz Buzz, Maya has pivoted to operate as a licensed digital bank. Additionally, Smart’s parent company, PLDT, holds only a minority stake in Maya, which is primarily owned by Voyager Innovations.
Given this shift, the revival of Smart Money could be Smart’s attempt to re-establish its presence in the financial technology market, directly competing with dominant players like GCash.
What’s Next for Smart Money?
With its comeback, Smart Money has the potential to diversify the e-wallet market in the Philippines further. However, it remains to be seen how Smart will position the app in a space already dominated by GCash and Maya.
