Mobile payment services are expected to reach US$245b in value worldwide by 2014.
As the telecommunications sector turns to a new growth agenda, mobile money services are becoming more important than ever.
Opportunities for mobile phones
The acceleration of mobile remittance services alongside new mobile payments highlights the opportunities for the mobile phone to redefine the movement of money by:
- Lowering costs
- Increasing convenience
- Reducing fraud
Mobile payment users by region 2009-10 forecast 1
Overall, mobile payment services are expected to reach US$245b in value worldwide by 2014. At the same time, mobile money users are expected to total $340m, equivalent to 5% of global mobile subscribers.
Payment channels worldwide
Interestingly, many of the most successful services worldwide have originated in developed Asia — where mobile contactless services are well established — alongside money transfer services in emerging markets such as the Philippines and Kenya.
However, opportunities have yet to be exploited in many developed markets, where financial inclusion is higher and where there is a greater diversity of existing payments channels.
In this report, we explore the opportunities for telcos in the mobile money environment across the following topics:
1“Gartner says number of worldwide mobile payment users to reach 108.6 million in 2010,” Gartner, 21 June 2010.