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Mobile Money
A Reading Comprehension Passage by Common Core Texts

In the United States, 93% of adults have to a bank account. But in poorer countries, many people do not have access to banks. In fact, over two billion people across the globe do not have a bank account. Life without banks can be difficult. Instead of being paid with a check or a transfer of money directly to their bank account, these “unbanked” people are paid with cash. This cash usually ends up hidden away for safekeeping in their homes. Stashed away in a drawer or hidden under a mattress, it is vulnerable to theft.

One solution to this problem is mobile money. Mobile money is a banking system that uses mobile phones to transfer money from one person to another. Mobile banking allows people to pay each other by sending a text message. They can also give their mobile banking number to their employer so that they can receive a paycheck directly to their phone. Often, those who use mobile banking never actually see the money they earn and spend. It exists only as a number on their phone. That is why mobile banking is called a “cashless” banking system.

In places without traditional banks, mobile banking has caught on. In Africa, for example, one in three people use mobile banking. For them, mobile money is safer and easier to use than cash. In a time when cell phones can be used nearly anywhere across the globe, mobile banking is likely to become even more popular.

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