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BizReport : Mobile Marketing : March 13, 2015

GSMA tracks rise of global mobile money use

More consumers are using money money services to transfer funds or make payments than ever before, according to a new report from the GSMA.

by Helen Leggatt

The Global Mobile Operators' Association has released data showing that, by the close of 2014, there were 103 million '90-day active' mobile money accounts across the globe. That's a 41.7% increase on 2013.

This, they say, highlights how "the industry is getting smarter about what it takes to prompt usage of the service'.

The GSMA's latest 'State of the Industry Report on Mobile Financial Services' found that 255 mobile money services are now live across 89 countries compared with 233 live services across 83 markets at the end of 2013. The number of registered, but not necessarily active, mobile money accounts globally grew to reach just under 300 million in 2014, 75 million more than in 2013.

An analysis of developing economies where mobile money is yet to launch suggests there are two prevalent reasons for this - challenges to building a solid business case due to addressable market size and territory size, and regulatory hurdles

"Now well established in the majority of emerging economies, mobile financial services are entering a new phase in their development," concludes the report. "Mobile money, in particular, has become a core offering for many mobile network operators in developing countries, deepening investments in mobile infrastructure and further contributing to financial inclusion and economic development."

Image via Shutterstock

Tags: banking, global, mobile, trends

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