By Oliver TevesAssociated PressLast updated 10:42am (Mla time) 09/30/2007
SAN MIGUEL, Philippines--It's Thursday, so 18-year-old Dennis Tiangco is off to a bank to collect his weekly allowance, zapped by his mother--who's working in Hong Kong--to his electronic wallet: his cell phone.
Sauntering into a branch of GM Bank in the town of San Miguel, Dennis fills out a form, sends a text message via his phone to a bank line dedicated to the service.
In a matter of seconds, the transaction is approved and the teller gives him P2,500 (US$54), minus a 1-percent fee. He doesn't need a bank account to retrieve the money. [Read more]
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