Mobile banking in the Philippines - smartmoney participating banks - cellphone banking via Smart

Based on the fact that Philippines are an island country with some 7100+ islands, the need to be mobile appeared early and thus the Philippines developpend much earlier a high tech G3 compatible mobile phone network including all the features possible. Cellphone banking is many years old. Of course cellphone banking is useful - look at the fact that many people are hours or days travel away from the nearest bank. How else but by phonebanking ( SMS ) could they pay bills, load cellphones, or receive money, etc?

As a result smartmoney - a mastercard debit card limited to the Philippines was introduced early this century to be reloaded either by cash payments at participating stores / offices / partners or via cellphone banking. Approximately a dozen major banks participate in cellphone banking and thus in smartmoney system.

Smart is the Philippines largest mobile phone network and as far as I know, all current SIM are equipped with the smartmoney feature by default. To add the reload option via cellphone-banking a cellphone owner needs to contact one of the participating banks, open a suitable smartmoney savings account and sign the proper contracts.

The benefits for millions of people may more easily be understood from the recent payment procedure added for Philippines approximately over 1.2 million Filipinos in Saudi Arabia, most of them sending home money on a monthly basis to support their Filipino families. With the new smart money link with KSA based-NCB Quick Pay Remittance Service resulting an instant money remittance across the globe within seconds directly into the smartmoney account of the recipient in the Philippines. Within seconds - within the time of a regular SMS across the globe - instantly and fully available funds at recipients side, with transaction cost a tiny fraction of conventional banking or western union fees!

Smart Money System participating Banks

Who are Smart Money's bank partners for mobile banking?

Below list is provided as a convenience as it appears sometimes difficult to find a smart money participating bank. For an updated list you may need to search Google or surf thru Smart's FAQ pages.

• EWBC - East West Bank


• EPCI - Equitable EPCI Bank


• MBTC - Metrobank


• UBC - Union Bank


• ATB - Asiatrust Bank


• BOC - Bank of Commerce


• DBP - Development Bank of the Philippines


• IEB - iBank


• ISB - Insular Savings Bank


• KBP - Keppel Bank


• MPI – Maybank Phil Inc.


• PDP - Premiere Development Bank


• PRB – Prudential Bank


• Allied Bank


• CityState Bank


• Chinatrust


• Asia United Bank


• Security Bank

Philippine islands have several major cellphone networks, 2 major networks and several smaller ones. Smart as the islands largest provider had by the end of 2007 more than 30'000'000 cellphone subscribers, Globe the second largest a few millions less, hence cellphone technology and area coverage is far above European or USA standard in most cases. 3G is NORMAL across the islands while these days China is discussing to start 3G technology ....

Different countries = different needs to be efficient and to fulfill people's needs. If there is a need by paying / participating people, then there also always is a way to satisfy such needs in an affordable way. Cellphones, cellphone banking and all cp related services are very affordable here.

Rice and basic food however has become nearly unaffordable due to exploitation by employers and heavy underwages across the country.

God bless

hans

P.S.:

A word of caution:

In our modern world of bank closures or financial crisis / losses by the finance companies across the globe or substantial Billion $ losses by major banks, money on a bank account no matter where or what bank alway is high risk money. Now these months more than ever during past decades. Use such facilities as debit cards with caution and only where cash payments are impossible. Online banking systems, phone banking systems and banking in general is a high risk method of placing money out of your reach, out of your direct access, out of your direct control and out of your own jurisdiction. Banks are as trustworthy as people who do business for money only. Hence use modern banking and payment systems with caution and be ready to accept a total loss of your entire amount deposited in your bank or debit card accounts. Only cash payments are true money and even cash payments may loose total value if a total devaluation occurs during times of crisis.

In my life I have been working in countries with a devaluation up to 50 or more % every few weeks ( for example Cambodia during 1979-ies ) or in countries with total control of all foreign currency by a corrupt government ( example Zaire 1978/79 ) and other totally damaged countries. Corrupt countries or countries engaged in major warfare may devaluate money, confiscate money or manipulate money by whatever way they love to play. Look at the huge US$ devaluation in recent 2 years, or the 6 digit devaluation in Zimbabwe, ...

Bankers and governments often are people who love to play with other people's property ... A bank never can be more reliable or more trustworthy than the worst or most corrupt of its employees. Look at the huge bank scandals of past months and learn to handle your finances in cash. True values are what you have in your mind, in your heart and in your professional skills-department ! Everything else if of temporary and volatile nature.