1、State of the Industry Report on Mobile Money 2019 Copyright 2020 GSM Association Lead author: Nika Naghavi Data Facebook: 8.7 years N N 1 33 56 711 15 35 67 111 170 221 246 259 281280 287 290 +46 +62 +54 +35 +29 +30 +22 +19 +13 -2 -3 -3 -10 -16 -8 -23 -12 -10 Beyond one
2、 billion mobile money accounts: a step towards a digital future for all 11 Figure 2. Distribution of registered mobile money accounts in Sub-Saharan Africa (December 2019) In 2019, the number of registered mobile money accounts reached 1.04 billion. Sub-Saharan Africa is the enduring epi
3、centre of mobile money, adding over 50 million registered accounts in 2019. This was driven by strong growth in Western Africa (21 million new accounts) and Central Africa (six million new accounts), as well as steady growth in Eastern Africa (22 million new accounts). The GSMA forecasts that
4、account adoption across Sub-Saharan Africa will remain strong and that the region will surpass the half billion mark by the end of 2020. Sub-Saharan Africa was not the only region to register strong growth in 2019. As in 2018, mobile money adoption in Asia made a significant contribution to gl
5、obal growth. East Asia and Pacific alone added 30 million accounts in 2019, driven primarily by growth in Southeast Asia where new entrants and innovation continue to push boundaries. Overall growth in Asia was hampered by the Indian market where several players closed operations due to an inc
6、reasingly burdensome regulatory and operating environment.6 Despite this, South Asia added 14.1 million accounts in 2019. 53%35% 10%2% 2 Eastern AfricaWestern AfricaSouthern AfricaCentral Africa 6. Aditya Birla Payments Bank decided to wind up its operations in March 2019, 17 months after launch. Ad
7、itya Birla Payments Bank was the latest iteration of Ideas and Vodafones M-Pesa service. 2019 State of the Industry Report on Mobile Money 12 7. While Facebooks WhatsApp Pay has also tried to enter the space, at the time of writing it has fallen short due to data localisation restrictions. 8.
8、Including non-mobile digital payments; Economic Times (15 February 2018). Digital payments in India to reach $1 trillion by 2023: Credit Suisse. 9. World Bank Group (2018). The Global Findex Database 2017. 10. People over the age of 15 who have a dormant financial institution account, with no withdr
9、awals in the last year. World Bank Group (2018). The Global Findex Database 2017. 11. Paytm (2019). Weve Turned Profitable on Our Second Anniversary, blog. India: a battleground for tech giants and payments banks Digital payments in India are booming and have become a battleground for te
10、ch giants like Google Pay, Paytm, PhonePe and, most recently, AmazonPay.7 With the backing of US and Chinese investors, the market has become exceptionally competitive and digital payments are expected to reach $1 trillion in value by 2023.8 Fintech players are vying to survive in a market that is b
11、ound to consolidate and concentrate as it matures. Despite a massive account opening effort led by the government since 2014 (through Pradhan Mantri Jan Dhan Yojana, known as PMJDY), India still has the second largest unbanked population in the world (191 million).9 Also, a considerable propor
12、tion of account owners (48 per cent, 326 million) are inactive.10 However, these figures are based on the latest Findex report (2017) and might not reflect recent changes in the market including the launch of new payments banks and new entrants like the tech giants mentioned earlier. To
13、reach the countrys poorest customers, the Reserve Bank of India (RBI) issued guidelines for payments banks in November 2014. The most prominent payments banks in India are currently Paytm, Airtel, and Fino. Despite challenges with the payments bank model (read more about this in the Regulatory and p
14、olicy trends section), Paytm managed to reach profitability and breakeven in 2019.11 Indias diversity and sizeable banked and underbanked population (518 million) provide an opportunity for a variety of models and players to thrive. As the market matures, it will be interesting to see how the paymen
15、ts landscape evolves and the innovative models that will be successful in reaching the underserved. Beyond one billion mobile money accounts: a step towards a digital future for all 13 Agents remain the backbone of the mobile money industry Ease of access to mobile money is still k
16、ey to account adoption and deepening financial inclusion, and mobile money agents provide a convenient and trusted way to convert cash to digital value and vice versa. They are also the face of mobile money services around the world, performing crucial tasks like on-boarding, supporting and educatin
17、g millions of customers. In 2019, $176 billion (total value of cash-in transactions) was digitised by mobile money agents globally. This is more than the total value of formal international remittances flows to Sub-Saharan Africa, Latin America and the Caribbean combined in the same year12 evi
18、dence that agents are the main gateway to digital financial inclusion in markets where cash is still king. The number of agent outlets has almost tripled over the past five years, reaching 7.7 million in 2019.13 The proportion of agents active on a 30-day basis also increased to 54 per cent du
19、ring this period. Mobile money agents in rural and hard-to-reach areas have been instrumental in expanding financial inclusion as they provide wider geographical coverage than other channels. A mobile money agent has seven times the reach of ATMs and 20 times the reach of bank branches. In 201
20、9, the density of the agent network reached an average of 228 active mobile money agents per 100,000 adults, tripling since 2014. Meanwhile, the density of commercial bank branches in the same markets did not change substantially between 2014 and 2018, averaging 11 per 100,000 adults. 12. World Bank
21、 Group (2018). Global Findex Database 2017. 13. Note that this is not the number of unique mobile money agent outlets, but the sum of agent outlets providing cash-in and cash-out services for mobile money services available globally. In many markets, individual outlets may serve several mobile money
22、 service providers. This practice is more common in mature mobile money markets, particularly where competition among service providers is high. For this reason, the number must be interpreted with care. Figure 3. Reach of mobile money agents, bank branches and ATMs 3 Mobile Money Agents  
23、;ATMsBanks 11 Banks 33 ATMs 228 Mobile money agents Mobile money agents have 7x more reach than ATMs and 20 x more reach than bank branches Per 100,000 adults: 2019 State of the Industry Report on Mobile Money 14 A sleeping giant awakens: Nigerias payments ecosystem in 365 days Last year, we i
24、dentified Nigeria as one of Africas sleeping mobile money giants. Home to the continents largest adult (114 million) and unbanked populations (60 per cent), Nigeria shows potential for the roll-out and adoption of mobile money services. A year later, there is notable traction in Nigerias payme
25、nt space, primarily through the emergence of app-based wallets. Growing investment in this area has been complemented by significant strides in smartphone penetration, which has increased from 12 to 40 per cent in just five years.14 In November, Nigerian-based Interswitch became one of Africas
26、 most valuable fintechs after Visa joined a host of investors to take a minority stake in the company,15 which is now valued at one billion dollars. 2019 also saw a strategic partnership between online payment company Flutterwave and Chinas Alipay, which is effectively connecting African entrepreneu
27、rs to over one billion Chinese customers.16 As these and other new fintechs scale, the question remains whether they will acquire customer segments outside Nigerias urban and tech-savvy hubs like Lagos. Over-indexing on the countrys smartphone users will continue to exclude the unbanked, many
28、 of whom are more likely to have access to feature phones. With the recent introduction of Payment Service Banks (PSB), there is growing appetite from local mobile network operators (MNOs) and their subsidiaries to launch mobile money services. In September, the Central Bank of Nigeria granted
29、 Approvals in Principle (AIP) to two local mobile operators, 9Mobile (9PSB) and Glo (Money Master PSB). In August 2019, a subsidiary of MTN Nigeria began offering mobile money transfers through its agent network weeks after receiving a super-agent licence.17 The current foothold and sub
30、scriber base of these MNOs put them in a strong position to rapidly scale mobile money services, including in underserved parts of the country and among feature phone users. Meanwhile, players such as OPay and PalmPay have entered the market with strategies focused on both tech-savvy and under
31、served consumers. OPay raised $170 million18, founded by Chinese- owned consumer internet company Opera, and backed by nine Chinese investors.19 After launching a super app strategy very similar to GoJek in Indonesia, OPay is now expanding its services to offer payments via a USSD channel and target
32、 feature phone users.20 In addition, PalmPay raised $40 million in capital from China- based device maker Tecno, as well as NetEase and MediaTek.21 This partnership provides PalmPay access to Tecnos online and offline distribution networks, through pre-installing the app on all Tecno phones and conv
33、erting Tecno retail stores to agents. Within a year, Nigerias payment landscape has seen big-ticket investments and a host of new entrants. Ultimately, this begs the question of which platform fintechs or mobile money will take the lead in acquiring and serving Nigerias vast unbank
34、ed population sustainably. 14. GSMA Intelligence (2019). 15. Visa (12 November 2019). Interswitch and Visa enter into strategic partnership. 16. Flutterwave (2019). Year in Review. 17. Donkin, C. (2019). MTN Nigeria launches mobile money agent service, Mobile World Live. 18. Briter Bridges (2
35、019) 19. Bright, J. (2019). Operas Africa fintech startup OPay gains $120M from Chinese investors, TechCrunch. 20. Onaleye, T. (2019) OPay Launches USSD Services to Allow Users Bank Without Data. Technext.ng 21. Bright, J (2019). Palmpay launches in Nigeria on $40M round led by Chinas Transsion, Tec
36、hCrunch. Beyond one billion mobile money accounts: a step towards a digital future for all 15 Figure 4. Registered and active mobile money accounts 4 In 2019, customers used their mobile money accounts more often and as part of their daily activities. At the end of the year, 372 mi
37、llion accounts 35.8 per cent of all registered mobile money accounts were active on a 90-day basis. In East Africa, the cradle of mobile money, the number of active mobile money accounts exceeded 100 million. However, the success of mobile money is no longer limited to a few markets and
38、regions. This year, 77 deployments had over a million active accounts (90-day) compared to 27 in 2014. Twenty-one of these services surpassed the five million active accounts mark. The gap between activity on a 30-day and 90-day basis is narrowing, with 70 per cent of 90-day active
39、 accounts now active on a monthly (30-day) basis. The total number of accounts active on a monthly basis has exceeded 261 million, and the GSMA forecasts that by 2025, the number of monthly mobile money customer accounts will surpass 370 million, the level where 90-day accounts were at end of
40、2019. Increasing user trust and relevance 2006 200 400 600 800 Millions 1,000 2007200820092000019 43597177 1.04 billion Registered accounts Active accounts (90 days) Active accounts (30 days) 372 million 261 million Services with +1M &nbs
41、p;active accounts 2019 State of the Industry Report on Mobile Money 16 In most low-income countries, the path to financial inclusion is primarily through mobile money. This is evident by the spread of mobile money services and the share of active accounts as a proportion of the adult pop
42、ulation (see Figure 5). GDP per capita, USD (logarithmic scale) Share of adults without an account at a financial institution $100,000 $30,000 $10,000 $3,000 $1,000 0%10%20%30%40%50%60%70%80%90% Figure 5. Reaching the poorest countries with mobile money 5 GDP per capita and share of popu
43、lation without an account at a financial institution in 142 countries in relation with mobile money penetration. Source: GSMA Mobile Money data 2019 and World Bank, Findex 2017 Mobile money25%50%100%75% CountriesMobile money penetration No mobile money (Active 90 days / adult population) in 78 out o
44、f 95 mobile money countries Beyond one billion mobile money accounts: a step towards a digital future for all 17 Value of mobile money transactions: $690bn $1 trillion 2023 2019 Growth in transaction values has been impressive Total transaction values grew by 20 per cent in t
45、he past 12 months, reaching $690 billion in 2019, which means the industry is now processing close to $2 billion a day. The GSMA forecasts that this strong growth in transaction values will endure, and by 2023 over $1 trillion will be transacted via mobile money platforms on an annual basis, transla
46、ting to over $2.8 billion a day. This growth and scale is a positive signal for the industry as it demonstrates higher levels of customer trust, greater relevance for users and the capacity of mobile money to digitise an increasing amount of capital. 2019 State of the Industry Report on Mobile Money
47、 18 22. According to the UNESCO Institute for Statistics (UIS), households in Ghana spend about $87 annually per child on primary educa- tion, while in Cte dIvoire this figure is $151. Household spending per student reaches $228 a year in Ghana and $637 in Cte dIvoire. See: UNESCO (2017)
48、. Education Data Release: New Indicators and More Data for Countries in Every Region. $1.1bn commissions The industry continues to invest in agent networks and sustainable sources of income, which is critical to achieving SDG 8 (Decent Work and Economic Growth). The mobile money industry has c
49、reated opportunities for entrepreneurs in emerging markets to become agents, and the agent network remains a key asset of mobile money providers. As uptake of mobile money services continues, expanding and evolving the agent network becomes even more critical to ensuring a high-quality service. &nbs
50、p;Mobile money providers have therefore focused on growing their distribution network, expanding their foothold in rural and hard-to-reach areas and supporting agents with education and training. Although agent distribution networks incur the highest operating costs for providers, our analysis shows
51、 that successful providers have managed to maintain healthy and sustainable agent commissions without reducing investment in other areas of their business. According to our 2019 Global Adoption Survey, $1.1 billion in commissions were paid directly to 1.4 million agents, which is equivalent to an averag