Ever heard of a Tech Wallet ? Well, if you haven't then you need to update your global knowledge. This fundamental is catching up pretty well in the developing countries. To put it plainly, a person can withdraw money with his mobile phone in some parts of the world. Confused?
Well, the procedure goes something like this. The user is supposed to fill up a form at a local bank, then send a text message through his/her mobile phone. Lo and behold! The transaction would be approved by the bank and you would be paid the desired amount in seconds. As simple as this!
Come to the contemporary world and you would discover numerous functions that your mobile phone can do for you. Withdrawing money out from a bank through your mobile phones would not require you to be account holder in that bank. The mobile phones are quite prevalent in the third world and developing countries and people have more mobile phones than bank accounts, so the virtual wallet system suits them the best. Mobile banking services have proven helpful for people in money transfer and Philippines is the numero uno in this service with 5.5 million Filipinos using this service.
The traditional bank transferring takes two to three days to clear the transaction and it also costs pretty high in comparison to the mobile phone transfer, which is not only cheap but also instant in their service. So, if you want money from your parents or anyone, all you have to so is to ping them through a text message and you would be given the desired amount by the local bank. Looks like telecommunications have come a long way!
Friday, October 5, 2007
Mobile Phones as Virtual Wallets: For Easy Money Withdrawal
Ever heard of a Tech Wallet ? Well, if you haven't then you need to update your global knowledge. This fundamental is catching up pretty well in the developing countries. To put it plainly, a person can withdraw money with his mobile phone in some parts of the world. Confused?
Well, the procedure goes something like this. The user is supposed to fill up a form at a local bank, then send a text message through his/her mobile phone. Lo and behold! The transaction would be approved by the bank and you would be paid the desired amount in seconds. As simple as this!
Come to the contemporary world and you would discover numerous functions that your mobile phone can do for you. Withdrawing money out from a bank through your mobile phones would not require you to be account holder in that bank. The mobile phones are quite prevalent in the third world and developing countries and people have more mobile phones than bank accounts, so the virtual wallet system suits them the best. Mobile banking services have proven helpful for people in money transfer and Philippines is the numero uno in this service with 5.5 million Filipinos using this service.
The traditional bank transferring takes two to three days to clear the transaction and it also costs pretty high in comparison to the mobile phone transfer, which is not only cheap but also instant in their service. So, if you want money from your parents or anyone, all you have to so is to ping them through a text message and you would be given the desired amount by the local bank. Looks like telecommunications have come a long way!
Well, the procedure goes something like this. The user is supposed to fill up a form at a local bank, then send a text message through his/her mobile phone. Lo and behold! The transaction would be approved by the bank and you would be paid the desired amount in seconds. As simple as this!
Come to the contemporary world and you would discover numerous functions that your mobile phone can do for you. Withdrawing money out from a bank through your mobile phones would not require you to be account holder in that bank. The mobile phones are quite prevalent in the third world and developing countries and people have more mobile phones than bank accounts, so the virtual wallet system suits them the best. Mobile banking services have proven helpful for people in money transfer and Philippines is the numero uno in this service with 5.5 million Filipinos using this service.
The traditional bank transferring takes two to three days to clear the transaction and it also costs pretty high in comparison to the mobile phone transfer, which is not only cheap but also instant in their service. So, if you want money from your parents or anyone, all you have to so is to ping them through a text message and you would be given the desired amount by the local bank. Looks like telecommunications have come a long way!
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