PLDT, Rocket Internet forge joint venture for mobile payment solution

Wednesday 7 January 2015 10:34 CET | News

Philippine-based telecommunications provider PLDT and Rocket Internet, the German startup that focuses on emerging markets, have forged a global joint venture for a mobile payment service in the Q1 2015.

Under a 50-50 joint venture, the duo will combine their corresponding payment platforms which use smartphones to enable cashless transactions.

PLDT will tap Smart e-Money’s (SMI) intellectual property, platforms and business operations. Rocket Internet will take part in the partnership through its incubated online payment platforms Paymill and Payleven.

The joint venture is subject to approval by government bodies, but is expected to be prepared in 2025.

The companies have intended to establish a joint venture to explore online and mobile e-payment applications in the Philippines and throughout the Rocket network of companies worldwide.

In August 2014, it acquired 10% shares in the German share, but was reduced to 6.4% two months after – following the startup company’s initial public offering.

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Keywords: PLDT, Rocket Internet, joint venture, mobile, payment, mobile payment, emerging markets, Smart e-Money, Paymill, payleven, smartphones, cashless transactions
Categories: Payments & Commerce
Countries: World
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