Latin America and the Caribbean Lead Mobile Financial Service Sector Growth

When it comes to global mobile financial service sector growth, it’s Latin America and the Caribbean which are ahead.

It is these two regions which are experiencing the fastest growth says a new report from GSMA which was published at the Mobile 360 Latin America conference.

The rate of growth within the regions for newly registered mobile money accounts was 50 percent.

If you combine the two regions, they add up to a total of 37 individual mobile money services. These account for approximately 14.9 million registered users across 19 countries. The figures include seven new services launched, since last year, in Brazil, Colombia, the Dominican Republic, Ecuador, Panama and Peru.

What’s more, in terms of the proportion of adults actively using mobile money, amongst the top 15 markets across the globe were El Salvador, Honduras and Paraguay.

As for scaling up, three mobile money services have just crossed the one million active customer milestone.

Head of GSMA Latin America Sebastian Cabello said: “Great progress has been made in deepening financial inclusion in Latin America and the Caribbean over the last three years. The region has seen a major increase in the number of adults with bank accounts, however, approximately half of all adults in LAC still remain unbanked.

“Mobile money services are a powerful tool for expanding financial access in developing markets and will play a critical role in continuing to build a healthy digital financial ecosystem in the region.”

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allpago enables start-ups to Fortune 500 companies to offer the necessary local payment methods in the Latin American market, which account for around 80% of their revenues. Current clients include Art.com, Getty Images, Intel Security McAfee, Norton Symantec, Paylogic, Sumup, Teamviewer and many other leading payment and digital companies.

Reference:

http://www.mobilepaymentstoday.com/news/mobile-financial-services-grow-in-latin-america-and-the-caribbean/

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