Mobile money is paving the way to financial inclusion. It is increasing accessibility to financial services for emerging markets, while offering convenience for those in the developed world. The future of finance is mobile.
The rapidly rising smartphone market is key to successful mobile money operations in developing countries. The GSMA propose that with a ‘robust smartphone strategy’, service providers can future-proof their services from emerging competition, drive ecosystem volumes through more accessible interfaces, and better reach underserved segments with more adaptable services.
For the consumer, cost is becoming less of a barrier to smartphone ownership, driven by a continued decline in device pricing, and rising incomes.
Estimated to account for 56% of all connections in emerging markets by 2018, smartphone adoption is growing fastest in Asian markets, with more than 70% penetration in the technologically advanced countries of Japan and Korea. By 2020, nearly 70% of LAC users will adopt smartphones, and the number of smartphone connections in the Middle East and North Africa has more than doubled over the last three years to reach 263 million. Now more than ever, the mobile money ecosystem must embrace rising global trends in technology to maintain service adoption and increase financial inclusion.
eServGlobal is attending Seamless Middle East 2017 in Dubai, on 1 – 2 May. To arrange a meeting to discuss your mobile solutions please contact us on this link.