ADOPTION: Total mobile money transaction values grew by 22% from US$1tn in 2021 to US$1.26tn in 2022
The number of registered mobile money accounts globally rose by 13% from 1.4bn in 2021 to 1.6bn in 2022 and total mobile money transaction values grew by 22% from US$1tn to US$1.26tn over the same period, according to research by the GSMA.
The association’s State of the Industry Report on Mobile Money 2023 also shows that “rates of adoption are even quicker than expected”. The report reveals that the actual number of new mobile money accounts registered in 2022 exceeds 2019 forecasts by 400m and that daily mobile money transaction values in 2022 reached US$3.45bn, nearly US$0.5bn higher than predicted in 2021.
Peer-to-peer transfers and cash-in/cash-out transactions remain among the most popular use cases, but bill payments using mobile money are the fastest growing segment with transactions increasing 36% year on year while international remittances also grew by 28%, according to the report.
“As the world increasingly moves on from Covid-19, mobile money services have continued to show resilient growth that was instigated during the pandemic. Up to 400m accounts were added during the pandemic alone,” the GSMA says.
“This rapid uptake is largely due to the technology’s role in enabling millions of people across low- and middle-income countries to access digital financial services. This upward trend continues, with the number of accounts active on a 30-day basis also growing by 13% year-on-year to 401m in 2022.”
A short video summarises the reports findings:
The GSMA reported a ‘dramatic acceleration’ in mobile money during 2020 in the State of the Industry Report on Mobile Money it published in April 2021.
GSMA reports ‘faster than predicted’ growth in mobile money services was written by Tom Phillips and published by NFCW.