Report: Nine global drivers of mobile money, as consumers embrace e-commerce and mobile banking

Thursday, June 18, 2015

Global trade body Mobile Ecosystem Forum (MEF) released its annual Global Mobile Money report in association with Wirecardand authored by Tim Green from Mobile Money Revolution. As new mobile payment models come online, and more sectors embrace mobile as the primary channel for customer engagement and transaction, the report reveals nine significant mobile money trends and explores how they are stimulating growth across the expanded mobile ecosystem.

The report, based on a study of 15,000 mobile media users across 15 countries, 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%.

E-commerce via mobile is also gaining traction, particularly in mature markets. 43% have bought a product on their mobile either by using a credit or debit card, an online payment service or a retailer’s branded scheme. In the US, 29% have inputed debit or credit card information into their device to make a payment versus the global average of 18%. In the UK meanwhile, 15% have used a retailer’s online payment service – the global average is just 9%.

Source: Vanllla Plus (link opens in a new window)

mobile finance, research