GSMA launches state of mobile money report

The number of mobile money accounts globally rose to over 1 billion in 2019. This is reported in GSMA’s state of mobile money report for 2019. Some trends noted in 2019 include an increase in digitisation of mobile money, where money entering services, circulates as mobile money as opposed to being cashed out. Mobile money is also becoming more commercially viable with 60% of providers reporting positive earnings before interest, tax, depreciation, and amortisation. The industry processed over USD$2 billion per day and is expected to become more interoperable, with services such as utility payments integrating mobile money for more seamless service. 

Mobile money is increasingly being adopted to support cashless transactions to combat the COVID-19 pandemic.