bank accounts


The Sunday Times (English) and Ravaya (Sinhala) carried the results of the migrant component of the teleuse research, making direct reference to the need to set the rules in place, a topic that was addressed in a previous issue of the Times by M. Aslam Hayat. “The challenge for mobile operators is to make a remittance service as simple as handing over the money and a slip, with hand-written transfer details, to a bank clerk,” said the study. On average, a Sri Lankan migrant sends home US $ 137 per month. The most common method of remittance is through the banking system.
Colloquium conducted by Dr. Erwin Alampay of NCPAG, Philippines. Presentation began by looking at the potential for M-money. Why should we use m-money? Improving efficiency: Improve services, financial services.
Cell phones double as electronic wallets in RP By Oliver Teves Associated Press Last updated 10:42am (Mla time) 09/30/2007 Philippine Daily Inquirer SAN MIGUEL, Philippines–It’s Thursday, so 18-year-old Dennis Tiangco is off to a bank to collect his weekly allowance, zapped by his mother–who’s working in Hong Kong–to his electronic wallet: his cell phone. Sauntering into a branch of GM Bank in the town of San Miguel, Dennis fills out a form, sends a text message via his phone to a bank line dedicated to the service. In a matter of seconds, the transaction is approved and the teller gives him P2,500 (US$54), minus a 1-percent fee. He doesn’t need a bank account to retrieve the money. More than 5.
Cell phones double as electronic wallets – Yahoo! News Mobile banking services, which are also catching on in Kenya and South Africa, enable people who don’t have bank accounts to transfer money easily, quickly and safely. It’s spreading in the developing world because mobile phones are much more common than bank accounts. The system is particularly useful for the 8 million Filipinos — 10 percent of the country’s citizens — who work overseas and send money home, like Dennis’ mother, Anna Tiangco. Previously, she sent money via a bank wire transfer, which costs $2.
A number of Indian mobile operators have been pilot-testing transferring money using mobile handsets. There are 160 million mobile subscribers in India far outnumbering the bank branches in the country (70,000). The service could potentially allow mobile users to transfer money electronically via the handset directly and instantaneously to another mobile subscriber in the country without having to use bank accounts. However, this service cannot be rolled out until the operators are given regulatory approval both from the banking regulators and telecom regulators. But a more restricted service which would still keep banks in the loop may have a higher chance of getting a quicker approval.