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Commerce Company Gets $445 Million for Mobile Payments

Berlin-based e-commerce incubator Rocket Internet has received funds from a Philippine telecom operator to develop mobile payment systems in emerging markets. Philippine Long Distance Telephone Company is investing 333 million euros (US $445 million) for a 10% stake in Rocket. The deal will combine the Philippine telcom operator’s expertise in mobile payments and resources with Rocket's global e-commerce and web services footprint. The two companies say they will develop mobile and online payment technologies and services in emerging markets. 

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