Mobile money, which allows cash to travel as fast as a text message, is not an extension of banking. It is a new form of banking, just as cell phones are a new form of telecommunication rather than an extension of landlines. Unlike mobile banking, mobile money does not necessarily need a banking infrastructure.
Read More - http://whatmatters.mckinseydigital.com/social_innovation/mobile-money-a-game-changer-for-financial-inclusion
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