Report: Mobile devices and merchant transactions are driving financial inclusion

Thursday, August 23, 2018

Juniper Research has predicted that the use of mobile devices to make retail and store payments will act as a driver for financial inclusion of the unbanked in the world’s emerging markets.

In a new report, the company forecasts that mobile merchant transactions by unbanked individuals will grow from 1.8 billion per annum in 2018 to 3.8 billion by 2023.

The new research, Mobile Financial Services in Emerging Markets: Mobile Money, Loans, Savings & Insurance 2018-2023, praised mobile merchant payments as they make digital transactions accessible to a much broader segment of society (as a Point of Sale terminal is not required).

Photo courtesy of lirneasia.

Source: Fintech Innovation (link opens in a new window)

financial inclusion, fintech, mobile finance