Mobile money service users worldwide are set to break the 1 billion mark by the end of 2016, equating to 20% of unique mobile users.
According to a new forecast from Strategy Analytics’ Mobile Payment Service, mobile money transactions will more than double from US$200 billion in value in 2016 to US$571 billion by the end of 2022.
Nitesh Patel, Director, Mobile Payments Service noted “The mobile money sector continues to be driven by demand for access to basic financial services in emerging markets, the increasing maturity of established mobile money services, such as M-PESA in East Africa, MTN Money, and Easypaisa, and the rising integration of payments in social platforms, in particular WeChat, BBM Money, and Facebook Messenger.”
The mobile money sector is evolving beyond typical use-cases, including person-to-person money transfer and airtime top-ups, to enable a broader set of use cases which includes the payment of utility bills, salary and benefit dispersal, merchant payments and international remittances.
David Kerr, Vice President, Strategy Analytics, added “We predict a maturing mobile money ecosystem to raise the number of active mobile money users, the average number of mobile money transactions per user, and ultimately the overall value of transactions. Almost 75% of mobile money users will come from Asia Pacific and Middle East and Africa regions.”
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