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.