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Mobile Wallet Company Inlcudes Bank Transfers

A mobile wallet based in India, Paytm, has now announced the introduction of a new feature that will give 25 million users the ability to transfer funds to their bank accounts through the use of their smartphones. Mobile wallets have been rapidly rising in popularity in India. This country is one of the markets in the world where this type of smartphone based payments app has the best chances of success, due to the massive population and the low adoption of credit cards. Many merchants, including online retailers, have had to come up with ways to process transactions through cash. In fact, the current estimate is that even though there are more than a billion people in the country, there are only 450 million bank accounts, not all of which are considered to be actively used.

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