Using text message to send cash

Thanks to Philippine wireless telecommunications giant Smart Communications, the system of using text messages to transfer cash now delivers at least $50 million a month to families in the Philippines, according to Washington-based lender International Finance Corp , reports The Mercury News

"The Philippines was an obvious place for the evolution to occur, given the huge popularity of text messaging there and the large numbers of people who receive regular remittances from abroad. According to bank data, nearly 8 million Filipinos in more than 100 countries sent nearly $100 billion home over the past 30 years.

... While convenient and inexpensive, text-message money-transfer systems have come under scrutiny as possible conduits of cash for terrorists. ... But Vicente Aquino, executive director of the Philippine Anti-Money Laundering Council, said the text-message transfer technology complies with rules against money laundering because "it tracks the sender and the recipients.'

Related:

-- Philippine Smart Offers Text Message Remittance

-- The Unbanked. The Economist on mobile telephony and banking in Afirca"

emily | 1:32 PM | SMS and Banking |
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