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Bank 2.0 by Brett King

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Mobile P2P Payments

As we identified in Chapter 6, remittance payments via mobile phone are experiencing explosive growth. According to the World Bank, today there are 191 million migrants sending over US$270 billion annually, with the G8 markets accounting for 46 per cent of global remittance financial flows.4 The 20 million people who constitute the Indian diaspora, a group with as much ethnic and cultural diversity as the population it left behind, are spread over 135 countries. In 2007, they sent back to India almost $15 billion, a source of foreign exchange that exceeds revenues generated by the country’s highly regarded software industry.

In the past, foreign workers and their remittances received scant policy attention. That’s not the ...

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