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Smartphone wallet set to be backed by U.K. banks

Jan 15, 2014, 6:22 AM EST
The Sony Xperia Z1 compact smartphone is displayed in the Sony booth at the 2014 International CES at the Las Vegas Convention Center on January 7, 2014 in Las Vegas, Nevada.
AFP/Getty

Five U.K. lenders are to add a facility allowing users to make instant payments via their smartphone apps later this year.

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