Point-of-sale phone service brings banking to remote China

01/9/2013 | Wall Street Journal, The

China's AgBank is bringing long-absent banking services to the country's more remote regions with electronics and the use of "transfer phones" -- devices that blend phone and point-of-sale functions. Miao Lingquan, a businessman who deals with farmers, says the service beats carrying around large wads of cash, eliminating the "risk of being stabbed for your money."

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