The State of Mobile Money Product Offering - What do people use mobile money for?
In an article published earlier this month, we discussed the level of mobile money usage and calculated that on a monthly basis, around 54m people were making transactions globally. But what do people use mobile money for? Which products are the most popular? Which products are growing at the fastest rate? Today, I will try to answer these questions by looking at mobile money global transaction numbers.
How many mobile money transactions are being processed on a monthly basis?
326 million transfers and payments were processed by survey participants in the month of June 2013. These transactions were worth USD 3.2 billion. Including cash-ins and cash-outs, mobile money users performed 431 million transactions in that month, totalling USD 7.4 billion.
It is particularly interesting to note that in 2013, the number of mobile money transactions has been growing faster than the number of active mobile money users (99% CAGR excluding cash-ins and cash-outs; 85% including them). This clearly indicates that mobile money usage is on the rise.
To understand which products are driving mobile money usage, let’s look closer at the product mix both in terms of number of transactions and in terms of value.