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Mobile Money Accounts Grow, Still Are Lightly Used

Globally, an estimated 2.5 billion people don't have bank accounts, but many of them own cellphones. This fact is fueling a race to turn these phones into bank books for the "unbanked" to store cash, manage accounts, make purchases, and send and receive money. In a report this week, the Groupe Speciale Mobile Association (GSMA), the association of mobile phone companies, said mobile money "has been growing at a dizzying rate.'' The Boston Consulting Group said...

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