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  "documentTitle": "Decoding Instant Payments: The Emerging Markets’ Story",
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  "notes": "Page 18 of a PwC report on emerging markets and payment transformation.",
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      "text": "In May 2014, OCBC launched a new micro-payment service that enables customers to transfer funds using social media, mobile and email. OCBC Pay Anyone, a new smartphone-based service, allows payments of up to US$100 to any bank account in Singapore.",
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      "kind": "paragraph",
      "text": "d. Blockchain technology\nBlockchain technology promises to transform the payments ecosystem by improving the efficiency of financial transactions around the world. Blockchain discards the traditional process of the ledger being owned and being accessible only by a single institution.",
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      "text": "Some market participants expect such technology to either reduce costs or change how costs are distributed. On the other hand, participants who thrive on processing fees may see such developments as a threat. However, technological innovation is the way forward in payments.",
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      "text": "c. Bluetooth Low Energy (BLE)\nRetailers have started using BLE technology in shopping malls where the customer can receive offers in store through Bluetooth and can place an order without using the phone.",
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      "text": "b. NFC technology\nNFC technology is gaining popularity in emerging markets because of its safety, versatility and convenience. It provides a more secure mode of transacting as first it requires a PIN and it does not provide physical access to users' credit card information to retailers.",
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      "text": "To make the most of this growing social media phenomenon, social networking sites are facilitating financial transactions by introducing their own alternative payment systems. The rapidly growing popularity of social networks such as Twitter allows an increasing number of customers to easily search for promotions, read reviews and make purchases.",
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      "text": "Banks and other financial institutions can implement blockchain to improve the efficiency of their legacy systems. For example, it can improve operational efficiencies in real-time fund transfers across borders by eliminating business correspondent inefficiencies.",
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