Most of us rely on our cell phones to stay in touch with our friends, check our e-mail or play Angry Birds. But, in less economically developed parts of the world, mobile technology hasn't just created a new avenue for instant communication, but an entirely new banking sector, as well. Mobile banking first took off in 2001, when phone operators Globe and Smart both began offering mobile payment plans to clients in the Philippines. Instead of paying their bills via traditional bank transfers or cash, customers were now able to send money via text message. All they had to do was type the amount owed into an SMS, and send it to the recipient, who could then go to an authorized agent, and withdraw the payment in cash.
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Cell Phone Banking Takes Off in Developing Countries originally appeared on Switched on Wed, 01 Dec 2010 08:00:00 EST. Please see our terms for use of feeds.
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