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 $2.50 and takes two days to clear. The cell phone method costs only 13 cents and is nearly instantaneous.
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2 Comments
Floyd Buenavente
Wow this is really goodnews!
text messaging
we use G-cash or Smart Money in the Philippines
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Today, LIRNEasia hosted a workshop to launch digital tools created by Watchdog Sri Lanka, funded by GIZ’s Strengthening Social Cohesion and Peace in Sri Lanka (SCOPE) programme. Researchers, practitioners, activists and journalists attended to learn about these tools, and how they can potentially help them in their own lines of work.
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