A Quarter of World Uses Mobile Money Services

26 per cent of people across the world are now using some form of mobile financial services, according to a survey of 17,000 people in 22 markets conducted by BuzzCity.

Nearly a third of the mobile users surveyed do not have a bank account, reaching more than a half of people in Mexico and the Philippines. The so-called ‘underbanked’ are more likely to use mobile financial services, with 19 per cent paying bills using their phone compared to 13 per cent of those who have a traditional account. 12 per cent of the underbanked use mobile money transfer.

Balance enquiry is the most regularly used function, by 30 per cent of mobile bank customers, followed by cash withdrawals at 28 per cent and balance transfer at 26 per cent. 13 per cent – usually those without access to traditional banking services – now use their phones to receive their salaries, while 12 per cent use their phone to pay for goods.

Markets sampled by the BuzzCity ad network, using surveys sent by phone, include Bangladesh, Brazil, Nigeria, Spain and the US.