These global mobile money statistics will leave your jaw dropping

Mobile money world wide adoption

[blockquote right=”pull-left”]
[/blockquote]Mobile money is perhaps the most common means of money transactions used in sub-saharan Africa and Asia. According to the latest GSMA report, for 2015, the number of global mobile money services increased to 271 in 93 countries (up from 262 services by the end of 2014). Mobile money transactions topped up to 33 million per day and this high transaction was attributed to a 31% increase in registered users bringing the number to 411 million users worldwide. World bank data also indicated that mobile money continues to deepen financial inclusion and the services that comes with it are available in 85% of countries where the number of people with a bank account at a financial institution is less than 20%.

Last year alone, mobile money was launched in four new markets: Albania, Myanmar, Peru, and Seychelles. It was noticed that as the mobile money industry matures, the launch of new services has been slowing each year. In 2015, 13 new services were launched, compared to 30 services in 2014 and 58 services in 2013.

Number of live mobile money services by region

 

Number of live mobile money services by region (2001–2015, year-end)

 

When it comes to global availability, mobile money services are live in 64% of developing countries (86 of 135 countries), which represents a small increase from 2014 (61%). When looking at income classifications for the developing countries, mobile money is most widespread in low-income economies (81%) compared to lower-middle income and upper-middle-income economies, where mobile money is available in 71% and 47% of markets respectively.

Percentage of developing markets with mobile money,

Percentage of developing markets with mobile money,by region and income level (December 2015)

Sub-Saharan Africa continues alone account for the majority of live mobile money services at 52%, however, more than half of new services launched in 2015 were outside this region, primarily in Latin America & the Caribbean. Looking ahead, new mobile money services are expected to grow by as much as 50% in Europe & Central Asia as well as the Middle East & North Africa.

Global mobile money (cross border) remittances grows

Cross-border mobile money remittances, whereby mobile money is both the sending and receiving channel for international remittances, also gathered momentum in 2015. As of the end of December, the GSMA report indicated that at least 29 cross-border mobile money remittance corridors connecting 19 countries.

The majority of these initiatives are in West Africa, though more providers in East Africa are following suit. West Africa is well positioned to enable cross-border mobile money remittances, as member states of the West African Economic Monetary Union (WAEMU) are socio-economically integrated and the adoption of mobile money has been rapid in recent years. In East Africa, Uganda and Kenya are leading the way on this. Initiatives are also live in the Philippines and Singapore, as well as in Qatar (where international migrants make up 74% of the population).

Mobile money world wide

 

                                                                                                        Live corridors for cross-border mobile money remittances initiatives (December 2015)

Interoperability and collaboration: increased momentum

As of December 2015, almost two-thirds of markets where mobile money is available have two or more live mobile money services (60 of 93 markets) and more than one-third have three or more live mobile money services (35 markets, with a median of five services per market). Interoperability means that you can send and receive money from one mobile money service to another. With competition continuing to intensify in markets, so too does interest in interoperability. In 2015, account-to-account interoperability launched in three new markets— Madagascar, Rwanda, and Thailand. Last month, interoperability was announced in the Philippines as well. This follows the implementation of interoperability in Indonesia, Pakistan, Sri Lanka, and Tanzania in 2014 and 2013.

Number of live and interoperable mobile money services

Number of live and interoperable mobile money services,by country (December 2015)

Additionally, survey respondents were asked this year to report whether they collaborate with other mobile money services on a specific product in their markets. Almost one-quarter of respondents reported that they currently collaborate with other mobile money services, and an additional 31% of respondents reported they were planning to collaborate in the next 12 months. Industry collaboration is critical for domestic interoperability as well as launching a new product with other mobile money providers.

You can find a full report in the source link below.

SHARE
182
Total