Over 700 million mobile money users in emerging markets by 2015
Published on: 26th May 2011
Note -- this news article is more than a year old.
According to a new research report by Berg Insight, the number of mobile money subscribers in emerging markets is forecasted to grow from 133 million users in 2010 at a compound annual growth rate (CAGR) of 40 percent to reach 709 million users in 2015.
The total value of mobile money transactions will simultaneously grow at a CAGR of 54 percent from USD25 billion in 2010 to USD215 billion in 2015. Asia-Pacific is expected to become the most important regional market, accounting for more than half of the total user base.
"In developing regions such as Africa the mobile phone will become the primary digital channel for people to conduct financial services in the coming years. Financial institutions are beginning to realize the importance of mobile phones to reach new clients viewing mobile money services as high-priority strategic projects. Also mobile operators and third party service providers are ramping up their efforts to target the huge unbanked populations in emerging markets", said Lars Kurkinen, Telecom Analyst, Berg Insight.
"The number of live mobile money services has thus grown at an explosive rate during the past two years and recently reached as many as 300 commercial deployments."
The report also identifies mobile international value transfer as a high-growth market and an important revenue source for mobile industry players.
Berg Insight estimates that USD16 billion worth of international money transfers will be received using mobile phones in 2015, up from less than US$1 billion in 2010. Berg Insight also forecasts that international airtime transfers will grow at a CAGR of 67 percent from USD130 million in 2010 to reach USD1.67 billion in 2015.