Mobile money hit a new milestone last year as the value of transactions processed globally surpassed $1 trillion for the first time, according to a report released this week by the GSM Association, which tracks data in the mobile telecommunications industry. A rise in merchant payments, international remittances, and governmental humanitarian assistance are some of the factors that led to the 31% growth in transaction value over 2020. The report reveals that one of the most significant drivers of growth was merchant payments, which almost doubled year on year and highlights how it continues to act as a core pillar of financial and economic inclusion, particularly for women. The growth of ecosystem transactions such as merchant payments, international remittances, bill payments and bulk disbursements, together with interoperable transactions, are accounting for a more significant share of the global mobile money transaction mix. For example, since Safaricom’s M-PESA began allowing companies to register for an account online in Kenya, more than 18% of new merchants are self-onboarding.
SOURCE: VENTUREBURN