Home Mobility Global mobile money transfers on the rise: Juniper

Global mobile money transfers on the rise: Juniper

Global mobile money transfers on the rise: Juniper Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Global registered mobile domestic money transfer users are expected to reach 2.5 billion this year, up from an estimated 1.7 billion in 2016.

In its latest report on the market, Juniper Research says the predicted rise will be driven by social media apps such as WeChat, Facebook and others already witnessing a dramatic rise in service usage – alongside new services including Apple Pay Cash, and Zelle Pay.

And Juniper says leading mobile money services are driving growth in emerging markets.

The new research, Digital Money Transfer & Remittances: Domestic & International Markets 2018-2022, forecasts that by 2018 the global share of domestic money transfer services, by mobile transaction values will be:

  •     Domestic P2P: 65%
  •     Cash-In: 13%
  •     Cash-Out: 11%
  •     Bulk Disbursement (G2P): 8%
  •     Domestic Airtime Top-Up: 2%

Juniper says it believes that 2018 will be the year for social payments with key rollouts from Apple, Google and Facebook expected to drive the much delayed social payments market, as a subsector of the wider mobile P2P market.

“It was inevitable that players such as Apple would follow in the footsteps of WeChat Pay and AliPay, and offer a universal set of payment features integrating P2P, alongside existing contactless and ticketing functionalities,” says research author Nitin Bhas.

Juniper predicts that the uptake for Apple Pay Cash will be slow in the short term due to a strong banking network in its launch markets, but that the total number of annual transactions for the service will approach one billion by 2020.

Meanwhile, users of mobile money services such as M-PESA, Orange Money, and MTN Money will exceed one billion registered users by 2020,  driving financial inclusion for the unbanked in emerging markets.

Juniper concludes that operators are increasingly facilitating service interoperability, both at national and international level, opening up the market for faster growth.

LEARN HOW TO REDUCE YOUR RISK OF A CYBER ATTACK

Australia is a cyber espionage hot spot.

As we automate, script and move to the cloud, more and more businesses are reliant on infrastructure that has the high potential to be exposed to risk.

It only takes one awry email to expose an accounts’ payable process, and for cyber attackers to cost a business thousands of dollars.

In the free white paper ‘6 Steps to Improve your Business Cyber Security’ you’ll learn some simple steps you should be taking to prevent devastating and malicious cyber attacks from destroying your business.

Cyber security can no longer be ignored, in this white paper you’ll learn:

· How does business security get breached?
· What can it cost to get it wrong?
· 6 actionable tips

DOWNLOAD NOW!

RECOVERING FROM RANSOMWARE

Ransomware is a type of malware that blocks access to your files and systems until you pay a ransom.

The first example of ransomware happened on September 5, 2013, when Cryptolocker was unleashed.

It quickly affected many systems with hackers requiring users to pay money for the decryption keys.

Find out how one company used backup and cloud storage software to protect their company’s PCs and recovered all of their systems after a ransomware strike.

DOWNLOAD THE REPORT!

Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

Popular News

 

Telecommunications