Mobile Money is beginning to take off in multiple geographies. Mobile Money is reducing barriers to financial inclusion, both in the U.S. as well as emerging economies around the world. Companies providing mobile money services have been able to foster customers’ trust by creating sufficient security and reliability. From mPesa to Softcard, all these mobile money services will witness their canvas models evolve within the next few years. MNOs and other leading stakeholders are playing a major role in providing real-time authentication, digital goods payments through carrier billing and other mobile money services. Major non-financial brands like Apple are coming up with disruptive mobile money services poised to change consumer adoption.
The world of mobile money is exciting but a complex one. The sector has moved firmly into the mainstream with an ecosystem that captures stakeholders from innovative startups to established mobile payment companies as well as MNOs, card companies, banks and device manufacturers. New services are continually being launched and trialled, making this one of the most fluid and dynamic areas in mobile.
The following infographic helps define the key areas and players in the space. MEF, a global trade association, defines Mobile Money in six categories: in-store payments, online payments, P2P payments, direct operator billing, mobile wallets and mPOS.
The latest trends in Mobile Money will be discussed at MEF Global Forum 2014 (November 17th – 19th) in San Francisco – a FinTech session supported by Barclays will feature hot new startups driving the latest tech developments including InStore and PayNearMe. And as part of the Global Day, Tim Green from Mobile Money Revolution hosts “Have phone, will pay – preparing for the age of Mobile Money” supported by Mahindra Comviva.