According to a report by Filipino newspaper Malaya, mobile banking is taking off in the Philippines.

According to the story, the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), reported that 2010 saw nearly 150 million e-money transactions valued at P440 billion.

The BSP deputy governor Nestor Espenilla reported that 21 bank e-money issuers and three non-banks currently operate in the Philippines with a network of approximately 25,000 agents. Additionally, 55 rural banks offer electronic banking, he said.

Espenilla called mobile banking an ideal solution for a country like the Philippines.

According to the article, the GSMA, the international association for the wireless industry, noted the characteristics of the Philippines market, as well as actions taken by the BSP and the country's top telecommunications company — Smart and Globe — have contributed to the success of mobile payments there. Additionally, the GSMA recently reported "The [Philippines] is the texting capital of the world, and Filipino mobile users are highly SMS literate."

The story says the Philippines has been recognized by international organizations for its mobile banking programs and is considered by many to be a model mobile money market.

For more on this topic visit our mobile banking research center.

(Photo courtesy Ken Banks, kiwanja.net)