More than 5.5 million Filipinos now use their cell phones as virtual wallets, making the Philippines a leader in providing financial transactions over mobile networks. Mobile banking services, also catching on in Kenya and South Africa, enable people who don't have bank accounts to transfer money quickly and safely. The system is particularly useful for the 8 million Filipinos who work overseas and send money home. Previously they sent money via international bank wire transfer, which costs $2.50 and takes two days to clear. The phone method costs only 13 cents and is instantaneous. Cell phone banking is increasing its popularity around the world.
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