Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Digital Money in Pakistan – 2013 Report
This report by Shift Thought Ltd entitled “Digital Money in Pakistan” has been designed specifically for the use of global players such as banks, operators and technology providers. They fill a gap in the market, and although offered at a report price, this is not a run-of-the-mill paper report.
This Pakistan report is developed to a high specification in order to help experts including development organisations like CGAP, by providing little known information and detailed analysis as a one-stop reference to understand Payments Systems and Innovations in this market. [Read more…]
Banking the Unbanked: Mobile Financial Services Could Benefit 2 Billion People, Says Report
According to a recent report by the Boston Consulting Group, introducing mobile financial services to the “unbanked” could have a positive effect on more than 2 billion people.
The study named “Socio-economic impact of mobile financial services” also shows that economic inequality in Malaysia could be reduced by five percent and become roughly equivalent to that of Canada today. In the developing world, more than 2.5 billion adults – or approximately 72 percent of the population – are unbanked, meaning they have no access to traditional financial services like banks. At the same time, nearly 2.5 billion people in these same emerging economies have mobile phones. This means that there could be up to 2 billion mobile phone users who are currently unbanked that could be served through mobile financial services. Overall in the five countries covered in the study, mobile financial services has the potential to reduce financial exclusion by five to 20 percent through 2020 and increase GDP by up to five percent. [Read more…]
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