According to the latest analysis from Juniper Research, the need to access basic financial services by users in developing countries will drive the short term growth of active mobile money users globally to exceed 200 million by 2013. Currently well under 100 million people use these services it says.
Juniper Research’s new report – ‘Mobile Money Transfers & Remittances: Markets, Forecasts & Vendor Strategies 2011-2015’ – also cautions that whilst there are several high profile examples of extremely successful mobile money services, each new rollout needs an established, robust and extensive local distribution network to ensure access to the service.
Howard Wilcox, Senior Analyst at Juniper Research gave more details of the market opportunities: “Our report reveals the sheer number of mobile money services, with more launches in the first eleven months of 2010 than in the whole of 2009. However, there are still many developing countries without these services, plus we’re seeing typically at least three services per country.”
Further findings from the Juniper Research Mobile Money Transfer report include:
· The market has been boosted recently by person-to-person money apps in developed countries to enable people to easily make social transfers such as split the cost of meals, or pay the babysitter
· Nearly 40% of active users in 2015 will be in the Africa & Middle East region