FILIPINOS USE THEIR PHONES AS VIRTUAL WALLETS

-
Cellphones double as electronic wallets

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, Tiangco 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 $54, minus one per cent fee. He doesn't need a bank account to retrieve the money.

More than 5.5 million Filipinos now use cellphones as virtual wallets, making Philippines a leader in providing financial transactions over mobile networks.

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.

Comments

Unknown said…

it was so interesting to read & I feel thanks to you for posting such a good blog, keep updates regularly
seo services in vijayawada
5:52 AM
Post a Comment

Popular posts from this blog

Bhima's son Gadotkach like skeleton found

-
Image
Is it Real or Not? - Find out below after reading this Hoax News.... Recent exploration activity 1n the northern region of India uncovered a skeletal remains of a human of phenomenal size. This region of the indian desert is called the Empty Quarter. See the photo and note the size of the two men standing in the picture in comparison to the size of the skeleton!! A very small article on this was published in Times Of India- Mumbai edition on 22-Apr-2004. The discovey was made by National Geographic Team (India Division) the support from the indian Army since the area comes under the jurisdiction of the Army. The exploration team also found tablets vdth inscriptions that stated that our Gods of Indian mythologicalyore, Brahma", had created people of phenomenal size the like of which He has not created since. They were very tall, big, and very powedul, such that they could put their arms around a tree trunk and uproot it. They were created to bring order among us since we were
Read more

Chris Benoit and his family were found dead in their home

-
Image
Too many pro wrestlers dying young ATLANTA (AP) -- Everything is planned. The high-flying moves. The outlandish story lines. The crackpot characters. One thing isn't in the script: the staggering number of pro wrestlers who die young. Chris Benoit was the latest, taking his own life at age 40 after killing his wife and son in a grisly case that might be the blackest eye yet for the pseudo-sport already ridiculed as nothing more than comic books come to life, a cult-like outlet for testosterone-raging' young males to cheer on their freakishly bulked-up heroes. But the tenacious, grim-faced grappler known as the "Canadian Crippler" was hardly alone in heading to an early grave. The very same weekend Benoit killed his family, the body of old tag-team partner Biff Wellington (real name: Shayne Bower) was found in his bed, dead at 42. A couple of weeks ago, former women's champion "Sensational" Sherri Martel passed away at her mother's home in Alabama. Sh
Read more

Biranchi Moharana Slapped Greg Chappel

-
Image
Team India coach Greg Chappell was attacked by a member of the so-called “Kalinga Sena” at Bhubaneswar airport on Monday. Chappell escaped unhurt. The superintendent of police of Bhubaneswar, Mr Amitabh Thakur, said some members of the outfit had assembled outside the airport to “highlight the issue that no player from Orissa has been selected for the national team.” One of them turned violent. The Indian team flew into Bhubaneswar on Monday afternoon ahead of the second ODI against the West Indies, to be played at Cuttack on January 24. As the players and support staff came out to catch the team bus, a fanatic forced himself through the secu rity barricade and “stumbled on” Chappell. Orissa Cricket Association council member Kamalanath Pande, who was an eyewitness, said the attacker was seen “trying to take a knock at Chappell.” But the latter “showed quick reflexes, and ducked.” The police came to Chappell’s rescue almost immediately, and the attacker was caught and taken into custo
Read more