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In India, technology helps the unbankable to bank

NEW DELHI -- Financial technology has been the toast of the finance sector in recent years, leading to an e-commerce boom that is reshaping global retailing. But policymakers and regulators are increasingly focusing on the potential of technology to reach people outside the formal financial infrastructure.

Rakesh Gupta, a fruit stall owner in a Mumbai suburb, appreciates the convenience of mobile money payments.

     About 2.5 billion people worldwide have never had a bank account, according to recent World Bank estimates, either because they lack financial literacy or because the costs of servicing them are too high for banks.

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