It appears that consumers in developing countries are highly aware of mobile money services (view press release). According to research conducted by Visa, consumers in six developing consumers know about the ability to make payments or send funds by accessing an account on their mobile phone. Nearly 90% of consumers surveyed across Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan said they would make use of these services in the future.
The Visa Mobile Money study which analysed the financial expectations of mobile money among consumers, mobile money agents and merchants in these countries, revealed that consumers’ needs for financials services are more sophisticated than previously believed and go beyond the established transaction set offered by mobile money services today.
Security concerns connecting with carrying cash and the need to quickly send money to family members living far away are among the key drivers for mobile money.
The Visa study suggests that the success of mobile financial services is determined by how deeply a mobile money provider understands its customers and tailors the service to the needs of consumers and mobile money agents. The study also uncovered key barriers to adoption and identified best practices for mobile money providers.
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