The number of registered mobile money accounts globally grew by 13% in 2020 to reach a total of more than 1.2bn, according to research by the GSMA.
The association’s State of the Industry Report on Mobile Money also shows that the monthly value of mobile money payments worldwide reached US$70bn in December 2020, with 29% of those being peer-to-peer transfers.
The monthly value of international remittances sent and received via mobile money also exceeded US$1bn for the first time during 2020, resulting in an annual increase of 65% to a total of US$12.7bn.
The report “reveals a dramatic acceleration in mobile transactions during the Covid-19 pandemic as lockdown restrictions limited access to cash and financial institutions,” the GSMA says.
“The fastest growth was in markets where governments provided significant pandemic relief to their citizens.”
“According to GSMA’s research, mobile money provides an affordable channel for connecting people to vital financial resources,” the association adds.
“The mobile money ecosystem has been strengthened by an increasing number of strategic partnerships established between money transfer organisations and mobile money providers.”
A short video summarises the report’s finding.: