Smart and Globe launched their electronic cash here in the Philippines a few years back and made its way now to money remittances from abroad and even regular purchases to establishments same as debit cards. You can even use it now for some online transactions where the local website or online company found the ease of transaction through Smart Money or G-Cash.
You can compare it to PayPal here in the Philippines, which have made its services fully active last year. Three years ago petitioners started to request it to be available here. Jozzua.com noted that the country back then really needed a stable online payment gateway for easier opportunity to sell products on the web, payment collection for an outsourced work and convenient money transfers from our Overseas Filipinos Workers.
You can notice that right now, both Smart Money and G-Cash can address some of the concerns raised back then for the need of PayPal. Though notable from yugatech.com’s reviews, these kinds of payment systems like the patented Gpay “were not made to compete with PayPal or to replace existing peer to peer payment systems but that it’s meant to be a new solution to a new problem.”
It’s a good point there because while Smart Money and G-Cash is growing their acceptability online, it’s coming to be acceptable too in terms of regular domestic, inter-city or regional transactions. Both consumers and the business people can find these as viable electronic payment system. You can connect it to your bank account and do mobile banking. You can make withdrawals and pay your suppliers, merchants or even friends. This way you can defy virtually bank interconnectivity by having it as a medium. After all, it can just be as fast as a text.