According to a new report from Juniper Research, the array of financial services possible via mobile phones are proving so attractive that some developing countries are seeing unprecedented penetration levels of up to one in two mobile subscribers within two to three years from launch. Regionally, the report identifies that some developing regions will achieve a rate of 1 in 5 money service users over the next 2 years which is a remarkable level of adoption for such new services.
“Our research found that, money transfers, bill payments and airtime top-ups constitute the typical top three mobile money services in an operator’s portfolio. Increasingly though merchant payments are being offered and operators can, via partnerships with supermarkets for example, enable people to pay for their shopping this way,” according to report author Howard Wilcox, Senior Analyst.
However, Juniper Research’s new report - Mobile Money Transfers & Remittances: Markets, Forecasts & Vendor Strategies 2011-2015 - also warns that prospective users can be discouraged to join such services if the KYC (Know Your Customer) requirements are too onerous, or simply not achievable.
Further findings from the new report include:
Domestic transfers, airtime top-ups and bill payments account for at least 60% of all applications
Following the recession international mobile money transfer users will more than double by 2013, driven by migrant workers, with services launched by MNOs and remittance hubs for country specific migration corridors
The report contains comprehensive five year forecasting for all the key market parameters including users, transactions and values for domestic and international transfers, and sophisticated mobile financial services. Additionally the report highlights the conclusions from Juniper’s analysis of 22 vendors addressing the market and provides assessments of regional market attractiveness.
The Mobile Money whitepaper and further details of the study, Mobile Money Transfers & Remittances: Markets, Forecasts & Vendor Strategies 2011-2015 can be downloaded from the Juniper website.
