According to this AP report, there are already more than 5.5 million Filipinos who are using their mobile phone as mobile wallets transmitting money, mostly from overseas contract workers or from parents in the province to their children studying in Manila. Wow! I didn’t know that mobile banking is already a big thing here in the Philippines. I must have been sleeping all along, or is this just an exaggerated report.
In terms of phone carriers, I know that Globe has G-Cash while Smart has Smart Padala or the Smart Money Card. The AP report mentioned these products, but I don’t think the total figures for Filipinos using these facilities has reached that number yet.
For overseas contract workers, I know there are other options to send/remit money to their love ones in the Philippines. Western Union aside from local bank money transfer is still the top and most reliable choice I supposed. Aside from these methods, there are also other money transfer facilities such as Xoom and Ikobo. And with the recent activation of the PayPal receive money facility, this would certainly be a top choice for sending money to the Philippines.
But then again, the report maybe true, although it did not cite any study conducted regarding those figures. I supposed mobile banking would be widely used for provincial transfer through mobile SMS facility as what the report said.
But I’m still not convince that there are that many Filipinos using the mobile banking facility yet. Anybody can confirm this?