BSP grants e-money li­cense to Ba­colod-based Speedy Pay


Ba­colod City -based Speedy Pay Inc. has re­ceived the green light from the Bangko Sen­tral ng Pilip­inas (BSP) to op­er­ate as an elec­tronic money is­suer (EMI) in the coun­try.

Mel­chor Plabasan, deputy di­rec­tor and head of the core in­for­ma­tion tech­nol­ogy spe­cial­ist group at the BSP, said the reg­u­la­tor has granted an EMI li­cense to Speedy Pay.

The com­pany op­er­ates the EMI plat­form known as Mango e-wal­let that sup­ports both on­line and off­line trans­ac­tions.

The plat­form sup­ports Mango e-wal­let for on­line money or value trans­fer and Mango Cash Card for off­line pur­chases and pay­ments.

Mango Cash Card works off­line and may be used for pur­chases in stores and am­bu­lant ven­dors as well as for pay­ing fares for tri-sikad or padyakero, tri­cy­cle, PUs, jeeps, taxis and vans. It comes in the form of an NFC card, and may be used where Mango Cash Card Ac­cepted signs are found.

Mango e-wal­let works on­line and may be used for pur­chases as well pay­ment of bills and trans­porta­tion fees. It may also be used to send money to fam­ily, loved ones and friends, and other le­git­i­mate re­cip­i­ents.

SpeedyPay through Mango sup­ports the fi­nan­cial in­clu­sion pro­gram of the Philip­pine gov­ern­ment that pro­vides fi­nan­cial ser­vices to un­banked but em­i­nently bank­able Filipinos.

It is work­ing on a part­ner­ship with state-run Land Bank of the Philip­pines for the de­liv­ery of the 4Ps (Pantawid Pam­ilyang Pilipino Pro­gram) re­mit­tances to ben­e­fi­cia­ries.

The reg­u­la­tor has so far is­sued EMI li­censes to 42 com­pa­nies, con­sist­ing of 30 banks and 12 non-banks.

Last Au­gust, the BSP granted an EMI li­cense to rideshar­ing gi­ant Grab’s GPay Net­work Philip­pines Inc. that op­er­ates the GrabPay wal­let mak­ing it is eas­ier and more con­ve­nient for pas­sen­gers who choose to go cash­less.

Aside from SpeedyPay and GPay, other non-bank EMIs in­clude Om­niPay, Metrobank Card Corp., G-Xchange Inc., Ali­pay Philip­pines, In­fos­erve, PayMaya Philip­pines Inc., True Money Philip­pines, DCPay Philip­pines Inc., Wise­card e-Money Philip­pines Inc., and Star­pay Corp.

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