What role will mobile handsets play in future payment and banking systems? The number of mobile money subscribers in emerging markets is forecasted to grow from 133 million users in 2010 at a compound annual growth rate of 40 percent to reach 709 million users in 2015.
Mobile financial services are causing a significant transformation in the financial services, payments and international remittance industries.
The mobile phone is changing how customers conduct their financial activities, leading to an extended reach and increased operational efficiency among financial service providers in emerging markets.
In the longer term mobile money services are facilitating the increasing share of digital transactions in emerging markets, where cash transactions still dominate. A growing share of international remittances is being electronically disbursed into mobile money accounts. Mobile phones are also being increasingly used to send remittances.
Berg Insight defines a mobile money subscriber as a person or business who has registered for a mobile money account. Mobile money accounts comprise accounts from which transactions such as person-to-person transfers or bill payments can be made using a mobile phone.
Berg Insight’s definition of a mobile money account does not encompass services limited to information services and simple transactions such as airtime top-ups and transfers between own accounts. It does not include services that use mobile operator billing as a payment source.
Mobile money services are increasing the availability and access to financial services for lower-income segments of the population, which previously has not been….< …more… >
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