December 27, 2008

Rising mobile penetration in the Philippines will expand the mobile banking user base to beyond 11 Million by the end of 2011, according to a new research report, “Philippines Banking Sector Analysis”, from RNCOS.

The green signal from the Philippines government to telecom operators to make free partnership with banks has opened a slew of opportunities for the banking industry. Now Filipinos can use their mobile phones as ‘virtual wallets’. This has made the Philippines the leader among the developing countries in offering financial transactions over mobile networks. Thus, with increasing number of mobile subscribers and increasing level of mobile penetration, the mobile banking will see tremendous growth in future.