KUALA LUMPUR, Oct 15 -- Come 2024, the total transaction value of the mobile financial services (MFS) market will exceed US$1 trillion, a 70 per cent growth from US$580 billion this year. (US$1 = RM4.19)
This is according to a new study from Juniper Research, titled ‘Mobile Financial Services in Emerging Markets: Monetisation Models & Market Forecasts 2019-2024’.
The research identified a range of untapped opportunities in Latin America for services such as micro finance, micro loans and money transfer, as a key driver of MFS growth over the next five years.
The research forecasts that the total number of users accessing MFS in Latin America will grow 20 per cent on average annually over the next five years.
This is predicted to grow twice as fast as saturated markets such as Africa & Middle East. In response, it urged MFS vendors to leverage existing experience to launch services in this under-served market.
In addition, the research found that Cash In, Cash Out (CICO) transactions will be the largest driver of growth for the MFS market, exceeding a value of US$590 billion by 2024.
CICO allows users to access traditional banking services such as deposits and withdrawals, via mobile devices.
-- BERNAMA
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