Nine mobile money trends: Consumers embrace ecommerce and banking via mobile

Wednesday, June 17, 2015

As new mobile payment models come online, and more sectors embrace mobile as the primary channel for customer engagement and transaction, a new report reveals nine significant mobile money trends and explores how they are stimulating growth across the expanded mobile ecosystem.

The report, from global trade body Mobile Ecosystem Forum (MEF) today released its annual Global Mobile Money report in association with Wirecard and authored by Tim Green from Mobile Money Revolution, is based on a study of 15,000 mobile media users across 15 countries.

It shows that mobile banking continues to engage consumers – especially in mobile first markets. 69% of mobile media users globally carried out a banking activity via mobile in 2015, up 3% year-on-year; In Indonesia the figure was 80%, in Nigeria 85% and Kenya an incredible 93%.

Key findings

• Worldwide, 66% of mobile media users carried out a transaction via mobile in 2014; mobile banking was 69%

• 25% of feature phone users named social media apps as the their number one destination for mobile commerce

• 14% use their mobile device for shopping while engaging with other media like TV programmes

• Globally only 8% have used a mobile wallet

• A lack of trust remains the number one barrier in the way of growth. 36%, for example, say it prevents them from using a mobile wallet

Source: Net Imperative (link opens in a new window)

mobile finance, research