Mobile phones As high tech wallets

Imazine More than 6.5 million Filipinos now started using their mobile phones as virtual wallets, making every Philippine a leader amongst the developing nations in providing financial transactions over mobile networkingss.
Mobile banking services, which are also catching on in Kenya and South Africa, enable people who don't have bank accounts to transfer
money easily, quickly and safely.
It's already spreading in the developing world because mobile phones are much more common than bank accounts.
Good thing is that wherever your relatives are, they can text you and one can send money immediately
Even Consumers can also store amounts of money in their mobile phones to buy things at stores that participate in the network - although now this has not yet spread across the world.
Currently the Philippine system relies on simple text messages, which cost just 1 peso to send each transaction.
Many million mobile phone users in the world are avid texters.Electronic connections have now fostered a culture of very quick.
This was some great news i collected from online and you might get some more news and if so please let me know as well.