MOBILE MONEY TRANSACTIONS IN EMERGING MARKETS SURPASS US$2 TRILLION BY 2027 - JUNIPER RESEARCH

KUALA LUMPUR, May 15 (Bernama) -- A new study from Juniper Research, the foremost experts in the payments market, found that the total value of mobile money transactions in emerging markets will reach US$2 trillion by 2027, an increase of over US$500 billion from 2023. (US$1=RM4.49)

According to Juniper Research in a statement, growing at 33 per cent, the market is being driven by the transition to Payments-as-a-Platform (PaaP), a model which allows third parties to deliver products via mobile money apps.

PaaP enables third parties to have more access to users, without mobile money operators having to develop additional services themselves, enabling greater revenue for mobile money operators, whilst allowing them to meet increasingly sophisticated user demands.

The research predicted that by 2027, there will be 411 million users of sophisticated Mobile Financial Services (MFS) within emerging markets, a 40 per cent increase as a result of providers offering a variety of services, such as microloans and microinsurance, to satisfy growing user demand.

The rising maturity of several mobile money markets, growing customer awareness and affluence of users has increased the importance of mobile money vendors providing sophisticated MFS; investing in technologies that facilitate it.

In addition, the report urged mobile money vendors to leverage data analytics to best retain customers and fight off rising competition. By gaining valuable insight into consumer behaviour and preferences, vendors can provide better-tailored services to end users.

Combining this data with new third-party services via PaaP enables a more personalised service; increasing customer satisfaction and revenue.

-- BERNAMA