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.