MEF, the global community for mobile content and commerce, in partnership with On Device Research, released the first report in its Global Consumer Insights Series on Mobile Money, highlighting the importance of mobile money users to the overall m-commerce market. The report which includes the regional & global trends in mobile money uptake and how it is stimulating growth across the mobile value chain, says that In 2013, 15 per cent of mobile media users made some form of purchases via mobile payment, and out of it, 7% used mobile wallets and Near Field Communications (NFC) technology combined. MEF’s Mobile Money consumer insight report also indicates that globally 91 per cent made some form of mobile purchase in 2013 as opposed to 65 per cent of all mobile consumers.
Mobile banking which has been mainstream in many parts of the world has been is used differently. In the US, UK and China, mobile apps are used for checking balances and paying bills, whereas in Africa handsets are used to send airtime to other users, transfer funds and seek credit. In Africa, the ‘mobile-only’ culture means the mobile money account is the bank account.
The study also reveals that network related issues such as network speed plays an important role in consumers adoption for mobile money, and those on 4G LTE networks are much more engaged, with almost two in three (64 per cent) have made a mobile payment.
“Rimma Perelmuter, CEO at MEF said: “The 2014 Mobile Money Insight Report clearly highlights that early adopters of mobile money are key to accelerating the growth of mobile commerce. This is true both in terms of their propensity to spend more on individual purchases and their likelihood to engage with a wider array of mobile services. In many markets, mobile money has already hit the mainstream, with Africa leading the way. Faster mobile networks will only advance its adoption further worldwide.”
