Mobile money grow in 2020

More than one billion mobile money accounts were registered in 2020 and over two billion US dollars were processed daily by the mobile money industry, according to GSM Association’s report based on survey data.

Moreover, mobile transactions increased during the lockdowns across the globe due to the COVID-19 pandemic. For instance more than one billion US dollars were international remittances processed per month which is an increase by 65% in 2020 compared to the previous year.

The growth of using mobile money is happening globally. Total transactions values (US$) have increased by 22% compared to the previous year. Analyzing by region, East Asia and Pacific have the most significant growth in transaction value of 34%.

While 2020 was a year of challenges, the mobile money industry peaked i.e. the number of customers using their account on a monthly basis grew even faster. There are now over 300 million monthly active mobile money accounts. Not only are customers using their accounts more frequently, but they are using them for new and more advanced use cases.

Mobile money services can now be found in 96 countries worldwide with expansion tendency towards digital payments, mobile wallets and newly developed payment systems to facilitate the distribution of payments.