Visa’s new report, in collaboration with Fundamo, has found out that 90% of those surveyed in developing countries showed interests in using mobile financial services. The study surveyed consumers in Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan and found that their populations are already highly aware of mobile payment services. It was particularly significant in Ghana, where 93% of those surveyed were familiar with mobile payments.
The report also showed that while most respondents did not have a formal financial account, they used alternative systems to conduct their payments and set aside savings. They have an interest in mobile payments to facilitate exactly the way in which they pay and manage their money. Safety is a big driver of mobile money, as well as speed to send money to far away family members. However, ease of use and lack of trust in mobile operators are the two big barriers for mobile money in these markets, according to the report.
Visa remains positive regarding mobile money in developing economies. “Thanks to the mobile money community, millions of previously unbanked people are now able to make basic electronic transactions such as person-to-person and bill payments,” said Hannes van Rensburg, CEO of Fundamo and Group Country Manager, sub-Saharan Africa, Visa Inc. “Our potential for driving far reaching social and economic change, while at the same time growing transaction volumes in developing countries, is significant. But we’ll limit that potential if we don’t learn to stop and really listen to our customers.”
