There is this thing called e-cash. It is a form of money in the sense that you can use it to purchase stuff. But other people may not think that it is money because you cannot see it and you cannot hold it. It remains in cyberspace and there it stays. But it can be transferred from one account to another - from yours to your friend’s, for example.

One of the famous companies who offer e-cash services is Globe Telecom and right now, they are teaming up Western Union. Together, they have this service called Mobile Money Transfer. If you are a consumer and you have some money in your Globe G-cash wallet, you can send it through Western Union to your family somewhere in the province. They can pick up the cash from a Western Union agent.

Sun Star Davao describes the whole transaction as “a cross border mobile money transfer service supporting low-principal, high frequency remittances”.

Ferdinand M. dela Cruz is the group head of Globe Telecom’s consumer wireless business and he discloses, “We envision that this relationship with Western Union will increase the accessibility and lower the cost of micro-remittances, which will greatly benefit Filipino overseas workers and their families here in the Philippines.” He also did add that through this joint venture, Globe is hoping to be able to expand their reach in terms of consumers. “This agreement will further expand our cross-border mobile commerce hub that allows multi-currency money transfers to mobile operators around the world, linking our groundbreaking GCash service to a global network of send and receive locations through Western Union,” he concluded.

Posted in: Mobile