MEF today released its annual Global Mobile Money report in association with Wirecard and 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 significant mobile money trends and explores how they are stimulating growth across the expanded mobile ecosystem. The report is completely free to download – take a look at this mini-infographic with some of the key findings:
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%.
Some of the other 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
MEF’s CEO Rimma Perelmuter commented: “There is no doubt that consumers are embracing mobile money. It’s a booming space and MEF’s annual study identifies the key drivers of social media, messaging apps and second screening underpinning its remarkable growth.
“The report is also a clear call to action for the industry to build trust in the mobile platform. Whilst the consumer’s appetite to browse, buy and bank on the mobile device is becoming prevalent, the adoption of many new services is still being held back by concerns about privacy and security.”
Christian von Hammel-Bonten, Executive Vice President Telecommunications, from Wirecard added: “Mobile money and payments are hot topics all around the world. With the launch of ApplePay in 2014, the interest in mobile money and mobile payment was spurred. At the same time, the digitization of financial products and services is ongoing at a high pace as the report points out. As a global technology company, we will support all these developments with our projects and are already curious to see the development of mobile money and payment in 2015.”
You can download the full MEF Global Mobile Money report 2015 right now from the MEF website.