Philippine Cell Phones

Nearly six million Filipinos now use mobile telephones to move electronic cash, a leader among developing countries in the brave new world of e-wallets. - AHN

There are more cellphones  here than bank accounts and Filipinos do not need a bank account in mobile banking. Money transfer is as simple as an SMS message.

The problem with this technology, however, is that there is no verification process. If users accidentally send cash to a unintended cellphone recipient, there is no way to get the money back. There isn’t even any fraud mediation.

Wow six million. Now we just have to figure out a way to truly and easily integrate mobile and online cash technology and with more security features.