Banking through mobile phones has been common in developed countries for years. But the real potential of “m-banking” may be to make basic financial services more accessible to millions of poor people across the world. With m-banking, low-income people no longer need to use scarce time and financial resources to travel to distant bank branches. And since m-banking transactions cost far less to process than transactions at an automated teller machine (ATM) or branch, banks can make a profit handling even small money transfers and payments.
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