Payments as a platform open up new opportunities
Number of mobile money users in emerging markets by 2025 unveiled. Source: unsplash.com
Juniper Research has estimated that the total number of mobile money users in emerging markets will exceed 1.2 billion in 2025. It’s more than 980 million in 2020. This represents just under 30% of all mobile phone users in emerging markets.
The report predicts that domestic P2P and merchant payments will become popular in mobile money schemes and will continue to grow. It is recommended that mobile money providers negotiate partnerships with banks and financial institutions. Therefore, it will increase the sophistication level of their products and take advantage of increased fintech literacy.
A new study reports that the payments-as-a-platform model is very important to the future market. Payments with mobile money in it serve as a goal for third-party services. Engaging third party cooperation and expanding the services revoke will be critical to increasing the mobile money market cost over the next five years.
The study shows that the number of users of complex microfinance, as well as microcredit, micro saving and microinsurance, will grow rapidly. It is expected to reach over 336 million in 2025, up from 227 million in 2020. The mobile money market is getting more competitive.
Beyond simple money transfers, value-added services have become key differentiators. The report states that leveraging data analytics in mobile money is emerging as a key opportunity. This enables providers to offer smart savings products and precisely manage the risks of their lending operations.
We’ve reported that PayPal and Venmo?have launched?Amex Send & Split feature. Eligible US Consumer Cardmembers will be able to send other Venmo and PayPal customers in the American Express App.
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