Safety, Ease Of Transfer Drive Mobile Money Interest In Developing Countries

There are plenty of hurdles to jump before mobile money systems become mainstream in developing nations. According to a new Visa survey, awareness isn’t one of them.

Visa surveyed 2,500 consumers, mobile money agents and merchants in India, Pakistan, Ghana, Bangladesh, Nigeria and Indonesia, and found that awareness and desire already run high among inhabitants. PYMNTS.com takes a look in this edition of data point. 

Current Awareness

According to the study, about half of all respondents knew it was possible to conduct financial transactions via mobile devices, with Ghana (93 percent) and Pakistan (89 percent) leading the way. Nearly 90 percent of all participants said they have interest in using mobile money services for a variety of purposes.

Driving Factors

Sending money to family members was the primary motivation among those surveyed, according to 81 percent, while the safety that comes with not having to carry money was a close second at 80 percent. Other important factors: 63 percent cited speed of getting money to relatives, 56 percent wanted to pay bills and 52 percent desired the ability to save money.

Biggest Barriers

Ease of use was the main concern of those surveyed, with nearly two-thirds citing it as the biggest barrier to adoption. Next up: a lack of trust in providers and agents, which rang in at 55 percent. Finally, 28 percent said interoperability between mobile money services gave them pause.

To read more stats about mobile money awareness in developing countries, click here.

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