Smart Communications Inc. and the Bank of the Philippine Islands (BPI) through its banking platform BPI Express Mobile, signed a revenue-sharing agreement to boost the use of Smart subscribers of their mobile handsets for mobile banking.
“This is a revenue-sharing agreement. We practically give them a light share of the margins,” said Lawrence Ferrer, department head of Innovations and Product Development of Smart.
With BPI Express Mobile’s SMS-based mobile banking through Smart, BPI clients who are Smart subscribers can do their banking transactions on the go.
“The partnership of BPI with Smart aims to continuously offer the most convenient secured and fast mobile banking service to our clients. We want to make even the simplest form of transaction, like reloading, to be extraordinary by rewarding our clients with exciting prizes,” said Frederick Faustino, assistant vice president, Mobile Banking Channel of BPI.
The company said that clients can do balance inquiry, funds transfers, bills payment, prepaid reloading and Smart Money transfers directly from their mobile phones.
“The load that is sold to the customer is shared. There’s a trade margin we give to BPI. The same fashion with retailers,” said Ferrer.
He added that, “In terms of base, BPI with Smart-enabled handsets are about 170,000, of which we want to make sure that we grow it by at least 10 percent to 20 percent.”
To enroll in BPI Express Mobile SMS-based mobile banking, Smart subscribers only need to text “enroll<space>their 10-digit BPI, BPI Family Savings Bank, or BPI Direct account number<space> 2-digit joint account indicator (JAI)**” to 3274 and follow the instructions via SMS.