[juniper research] According to a new report from Juniper Research, the array of financial services possible via mobile phones are proving so attractive that some developing countries are seeing unprecedented penetration levels of up to one in two mobile subscribers within two to three years from launch. Regionally, the report identifies that some developing regions will achieve a rate of 1 in 5 money service users over the next 2 years which is a remarkable level of adoption for such new services.
“Our research found that, money transfers, bill payments and airtime top-ups constitute the typical top three mobile money services in an operator’s portfolio. Increasingly though merchant payments are being offered and operators can, via partnerships with supermarkets for example, enable people to pay for their shopping this way,” according to report author Howard Wilcox, Senior Analyst.
However, Juniper Research’s new report - Mobile Money Transfers & Remittances: Markets, Forecasts & Vendor Strategies 2011-2015 - also warns that prospective users can be discouraged to join such services if the KYC (Know Your Customer) requirements are too onerous, or simply not achievable.
Further findings from the new report include:
• Domestic transfers, airtime top-ups and bill payments account for at least 60% of all applications
• Following the recession international mobile money transfer users will more than double by 2013, driven by migrant workers, with services launched by MNOs and remittance hubs for country specific migration corridors
Rapid take-off sees 1 in 5 mobile users register for mobile money services in some developing regions by 2013 according to new Juniper report