Pinoys transfer money through cell phones
Cell phone. It’s not just for calling or texting your loved ones anymore. It’s for money wire transfer now.
“More than 5.5 million Filipinos now use their cell phones as virtual wallets, making the Philippines a leader among developing nations in providing financial transactions over mobile networks.”
According to this AP news, Filipinos now use the cell phone as a mobile banking service, where one can receive money directly from a bank.
Say your mom is working overseas. You send a text messge to a bank line dedicated to this service, requesting for money transfer. In a matter of seconds, the transaction is approved and you get the money. In fact, for the measly fee of an international text message at 13 cents.
What’s more, you can even store a limited amount of money into the phone to buy merchandise from participating stores. Or pay bills via your phone.
Anna Tiangco said she pays her family’s electric bills in San Miguel from Hong Kong via text messages, just like she sends money.
“Even if we are far apart, it’s like we are still together,” she said. “This is like my wallet now.”
Now is that convenient or what!
Tags: cell phones, mobile bank service, filipino, globe, smart
Related Stories
POSTED IN: General: Philippine Culture, News and Events
October 1st, 2007 at 12:57 am
[…] wrote an interesting post today on Pinoys transfer money through cell phonesHere’s a quick […]
October 1st, 2007 at 10:43 pm
Good stuff! Anything else new about transferring money to and from the Philippines?