Kaya Money for SMEs

While Ka Edong is evangelizing on mobile commerce, I’d like to take a look at other alternatives for doing e-commerce transactions available locally.

I got an email about Kaya Money a few months back. It was an inquiry about having it as one of the payment options for my web hosting business. I didn’t pay much attention to it since it was just new. Besides, we’ve been happy receiving international payments via PayPal and Xoom (aff).

Anyway, here’s what Kaya Money is all about:

Kaya Money is a cash-less and card-less payment system that allows one to do online e-commerce at less cost and more convenience. Anyone with a bank account and Internet access can open a Kaya Money account immediately. Kaya Money delivers a product ideally fit for SMEs, online merchants, individuals and others currently underserved by traditional online payment methods.

It’s basically like StormPay (aff) or GreenZap. Kaya Money denominations are termed in “œUnits” and 1 Unit is equivalent to 1 Philippine peso (Php). Transaction fees are pegged at 2.5%.

Their website claims to have bank partners but I could not find any list on their website. They also recommend to their subscribers to open a bank account, preferrably the ones with online banking facility which will be used to remit payments. Otherwise, they’d send you a cheque for it.

They are also promoting Kaya Money for bloggers as a revenue source. I’m not sure how though. Maybe from the 5 Kaya Units (Php5.00) thru referral credits?

This post is not intended to recommend Kaya Money in any way. Was just wondering if any of our readers have experience using their service and maybe provide us with feedback.

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  • It sounds iffy to me as it doesn’t seem to be backed by real money.

  • same here that’s my concern too. also, compare this with what yehey is pushing “payplus” (atm-based, instead of credit cards. although the latter I’m not sure if it’s working fine already – last time i checked they still have some technical problems mentioned in their forum.

    I guess we still have to see which one will be a standard for pinoys

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