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 â€” who’s working in Hong Kong â€” 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 a 1 percent fee. He doesn’t need a bank account to retrieve the money. . . [ read more Cell phones double as electronic wallets ]
Implimentations are not as nicely set up in the US. We have Pay me now which allows you to send small amounts by text but then requires a phone call to verify your pin number.
And Pay Pal which also requires confirmation of a pin number but allows you text it. I think many of us now have PayPal accounts making PayPal the best option we have now.