Mobile Money services are spreading at an increasing pace worldwide, according to the new GSMA “State of the Industry” report released this week at the Mobile World Congress 2014 in Barcelona, Spain.
The report contains data from the Mobile Money for the Unbanked (MMU) Deployment Tracker, which monitors the number of live and planned mobile money services for the unbanked across the globe. It also includes data from the MMU 2013 Global Adoption Survey of Mobile Financial Services, which had 110 participants from 56 countries.
Highlights from the report include:
- The mobile money industry continues to grow and is now expanding across more regions. With 219 services in 84 countries at the end of 2013, mobile money is now available in most developing and emerging markets. The question is no longer whether mobile money services are available, but how to ensure that the industry continues to grow sustainably.
- Competition is increasing in many markets as mobile money is becoming a mainstream product for a growing number of operators. 52 markets have 2 or more mobile money services.
- The number of active mobile money accounts is growing fast. In June 2013, there were over 60 million active mobile money accounts globally. An increasing number of services are reaching scale and 13 have over 1 million active users.
- With an increasing number of services reaching scale, mobile money continues to be a driver of financial inclusion. Mobile money extends access to payments and financial services beyond the reach of traditional financial institutions in many developing countries. At the end of 2013, nine markets already had more mobile money accounts than bank accounts, compared to just four last year.