Service provider revenues from mobile money transfer services could exceed $5 billion worldwide by 2013, according to a new study from Juniper Research.
The firm predicts the market will begin to accelerate as soon as 2010. The study focuses on mobile money transfer services in the ‘underbanked’ population and
among migrant workers.
“Judging from the response from users so far to services like M-PESA and SmartMoney, prospects for these services are excellent, both in developing and developed countries,” said Howard Wilcox, author of the report. “For many people it has been costly and difficult for them to transfer money via existing services even to
friends and family: using mobile phones solves the problem.”
The top 3 regions – Western Europe, Africa and Middle East and Far East and China – will generate more than 60% of the global mobile money transfer gross transaction value by 2013, predicts the report.
