Maxis and Globe Telecom (Philippine) launched the world 1st mobile-to-mobile money transfer service between two countries, through mobile phone service messaging (SMS).
For 20,000 Filipino Maxis subscribers, they can transfer up to PHP6,500 (RM500) per transaction for a fee of RM5 per transaction and 15 cent per SMS. A maximum of RM10,000 can be transferred in a day. (Wow, just imagine how much can be earned from the transaction fees if a person transfer RM10,000 a day - [20 x RM5 = RM100] + [20 x 0.15 = RM3] = RM103. This is equivalent to 1% per transaction. If the total transaction for a day is RM1 million, then Maxis can earn up to RM10,300 per day. )
Upon receipt of the SMS, money can be withdrawn from Globe's GCash 6000 outlets in Philippine.
Coming soon, another good news for 150,000 Indonesian mobile phone users in Malaysia. A similar service will be launched too for them.
Source: TheStar, 31st May 2007.
1. Video - Actual example of G-Cash applications
2. G-Cash: Mobile Payment Systems - The Philippine's Experience