Why were smart cashcards first introduced in the third world?

On Tue, 30 Apr 1996, Michael Froomkin wrote:

Subject: Re: Smartcards are coming to the US

Lack of entrenched competitors? E.g. credit cards?

Let's talk about the boondocker provinces of the Philippines, with which I am intimately familiar. Domestic credit cards exist, but only are accepted at larger establishments. Although some, for example, Philippine Airlines, will _not_ accept the local cards, but are happy to accept foreign-issued cards. There is a major shortage of coins and currency. I am not joking.