Large increase in mobile money transfers predicted
Juniper Research predicts that by 2014, half a billion people worldwide will use mobile money transfer services.
Its report, Mobile Money Transfer & Remittances: Markets, Forecasts & Strategies 2009-2014, claims that this growth will come primarily from mobile users in developing countries.
Juniper Research’s report states that in developing economies around the globe, including parts of Africa and South America, conventional banking is often highly underpenetrated.
In many of these economies only an extremely small percentage of the population has access to a bank account or owns a credit card. In these “under-banked” countries, according to the report, a significantly higher percentage of people will have used or have access to a mobile phone than an ATM or bank branch.