Pacquiao launches MannyPay e-wallet
FORMER SENATOR Emmanuel “Manny” D. Pacquiao has launched MannyPay, an electronic wallet that promises lower transfer fees and will eventually feature remittance and cryptocurrency services.
The e-wallet was launched on Thursday through tech and business process outsourcing (BPO) company 7th Pillar Integrated Systems Corp., which is also chaired by Mr. Pacquiao and began operations in 2023.
The company also signed a memorandum of agreement with Prime Electric Holdings, Inc. to use the e-wallet across its distribution network.
“MannyPay is not just an app or a payment gateway. Ito ay simbolo ng tiwala at katapatan. We built this platform for everyone — para sa mga negosyante, online sellers, riders, freelancers, at bawat Pilipinong araw-araw nagsusumikap para sa pamilya,” Mr. Pacquiao said in a speech at the launch.
He said their target is to have one million customers.
7th Pillar Integrated Systems President and Chief Operating Officer Marc Hussein P. Bundalian told reporters on the sidelines of the event that the e-wallet will feature fees at least P2 lower than those of competitors. He added that the e-wallet is supported by Amazon Web Service’s cloud systems and will feature better security.
“We are not rushing this so we can ensure the security of our users. Our top priority is to have no scams… Hopefully we do not have any problems,” he said.
The Bangko Sentral ng Pilipinas has issued the company a temporary license and was allowed a test period of 30 days, Mr. Bundalian said.
The app currently only functions as a payment gateway, but they expect to have all services available before the end of the year, he said.
“Other features such as fund transfers will be available after the official launch. This is like a pre-launch to show that the app is there. You can download it on both iOS and Play Store… The ultimate goal of MannyPay is to first start as a payment gateway, and then an e-wallet, and then remittances.”
Mr. Bundalian added that the company plans to apply for an electronic money issuer license by the second quarter of next year.
He said they expect to onboard up to 100,000 users by yearend. — Aaron Michael C. Sy
