53% of mobile web users in key emerging markets have used a mobile for finance activities
In emerging markets, formal banking only reaches a small percent of the population, compared with high penetration rate for mobile phones. Low access to financial services and the fact that people in these markets tend to trust mobile brands more than banks, encourages them to use their device to carry out financial activities.
Mobile phones offer numerous benefits in emerging markets; they ensure the safety and security of money, make payments more convenient and promote M-Commerce opportunities for local entrepreneurs. They also present opportunities for western companies looking to move into these markets, as well as learning’s for those who want to implement similar mobile finance models in developed markets.
Although mobile finance is a popular activity in emerging markets, there is little known about the financial habits of mobile Internet users in these economies. To address this we’ve put together the Post PC Era: Mobile Banking & Payments in Emerging Markets report.