Originally published: September 4, 2007
Source: philstar.com, Philippines
Rural banks in the Philippines, which were among the country's first financial institutions to use mobile phone technology for remittance and utility banking activities, have started offering a new service for their clients: withdrawals through text messages, or SMS (short message system).
Now, in addition to the Text-a-Payment service, which allows users to make loan repayments through their phones, customers will also be able to use Text-a-Withdrawal to get cash without going to the bank. Merlita Werlan started using the Text-A-Withdrawal service after it was offered by her bank. “With just one text, I can withdraw and use my cash - I do not need to travel to the bank branch to make withdrawals. It is like having an ATM in the palm of your hand,” she said.
The rural banks are using Text-A-Payment mobile phone banking application developed by the Microenterprise Access to Banking Services (MABS) Program using the GCash platform of Globe Telecom. MABS is a collaboration between the United States Agency for International Development (USAID) and the Rural Bankers Association of the Philippines (RBAP). It started developing mobile phone banking applications in 2005 to provide rural clients with a more convenient, affordable and secure mode of repaying loans, sending money transfers, and making deposits and withdrawals.
A new website, www.mobilephonebanking.rbap.org, provides users with a directory listing of 287 accredited rural bank branches, as well as registered merchants who accept mobile payments via GCash.
To read the complete article, please click here.