2019 marked a milestone for the mobile money industry with over 1 billion registered accounts and close to $2 billion in daily transactions – and WeChat comes to Europe.
According to a new report from the GSMA, The State of the Industry Report on Mobile Money, finds that in 2019, digital transactions represented the majority – 57% – of mobile money interactions.
“The industry is witnessing increasing user trust and relevance,” it says.
With 290 live services in 95 countries and 372 million active accounts, mobile money is entering the mainstream, the report concludes, arguing that it is becoming the path to financial inclusion in most low-income countries.
For consumers, it says this marks a shift away from cash towards digital payments — for school fees, e-commerce, international remittances, savings, credit, pay-as-you-go utilities and more.
John Giusti, Chief Regulatory Officer, GSMA, said, “Increased mobile connectivity and innovative services such as mobile money are building stronger and more inclusive communities.
“Surpassing one billion mobile money accounts represents a major milestone for an industry that did not exist just over a decade ago. The reach of mobile money agents is now 20 times that of bricks-and-mortar banks.
Almost 1.7 billion people remain financially excluded, but the collective strength of the industry holds the potential to ensure that everyone can be part of the new digital economy.”
The report also finds that more value is circulating in the mobile money system than exiting.
WeChat for Europe
Separately, CM.com launched WeChat Pay for its European customer base, allowing European companies to offer this payment method to consumers which is used by more than 1 billion Chinese people for everyday purchases and social activities.