October 4, 2006
Cellphones Speed Global Money Flow
In recent years, growing numbers of people in the Philippines, as well as in countries as diverse as Japan and Zambia, have begun using new features on their mobile phones to pay bills, buy goods and transfer cash to relatives in the same country. The Washington Post reports.
"... International money transfers by this method have been slower to flourish, in part because regulators are trying to assure this new channel won't be used to launder money. Tightening the monitoring of international cash flows has become a prime goal of U.S. authorities who are trying to prevent terrorist attacks.
The Philippines, noted for embracing cellphone innovations and heavily reliant on remittances, has plowed ahead on its own. For now, however, phone companies are limiting international transfers to relatively small amounts, such as $200.
Globe Telecom officials said Filipino workers in 17 countries, including the United States, can now use their phones to send money home".
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