RP leads in mobile banking services

Philippine Star – The Philippines is recognized among the leaders in developing mobile banking for the unbanked. Mobile banking utilizes the mobile phone to extend banking services such as deposits, withdrawals including remittances or money transfer, bills payments, and loan payments.
Telecommunications companies (telcos), such as Smart Communications (Smart) and Globe Telecommunications (Globe), were one of the first worldwide to start mobile money. Smart started in 2001 through Smart Money, and Globe followed soon after in 2004 with GCash.
But one of the leaders in terms of reach and number of subscribers is M-PESA of Kenya. It has 8.6 millions active users or 25 percent of the country’s population, and monthly person-to-person transactions worth over $320 million with average of $37 per user per month.
The telcos have put up systems that cater to the average bank users to the poorer segment of society that do not have banking relationships often referred to as the unbanked, as well as the under-banked that undertake limited banking services.
Read the complete article on Philippine Star online.

Philippine Star – The Philippines is recognized among the leaders in developing mobile banking for the unbanked. Mobile banking utilizes the mobile phone to extend banking services such as deposits, withdrawals including remittances or money transfer, bills payments, and loan payments.

Telecommunications companies (telcos), such as Smart Communications (Smart) and Globe Telecommunications (Globe), were one of the first worldwide to start mobile money. Smart started in 2001 through Smart Money, and Globe followed soon after in 2004 with GCash.

But one of the leaders in terms of reach and number of subscribers is M-PESA of Kenya. It has 8.6 millions active users or 25 percent of the country’s population, and monthly person-to-person transactions worth over $320 million with average of $37 per user per month.

The telcos have put up systems that cater to the average bank users to the poorer segment of society that do not have banking relationships often referred to as the unbanked, as well as the under-banked that undertake limited banking services.

Read the complete article on Philippine Star online.