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 5.5 million Filipinos now use their cell phones as virtual wallets, making the Philippines…
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