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©Unknown
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SAN MIGUEL, Philippines - It's Thursday, so 18-year-old Dennis Tiangco is off to a bank to collect his weekly allowance, zapped by his mother - who's working in Hong Kong - to his electronic wallet: his cell phone.
Sauntering into a branch of GM Bank in the town of San Miguel, Tiangco fills out a form, sends a text message via his phone to a bank line dedicated to the service.
In a matter of seconds, the transaction is approved and the teller gives him $54, minus a 1 percent fee. He doesn't need a bank account to retrieve the money.