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Here MSN and Yahoo! are each running a story by PA's Oliver Teves, that states 5.5 million Filipinos are using their mobile phones as virtual wallets to store cash and transfer money.
Apparently, one in ten Filipinos works abroad and needs to transfer money home. Using their mobiles as virtual wallets can avoid the necessity to open a bank account, and allows money transfer at cheaper rates. Hence the Philippines are leading the way in adopting mobile banking.
The report also says that mobile phones are more commonplace than bank accounts in developing countries. A statement that sounds odd to European ears at first but completely makes sense when you think about it.
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