Visa Inc. (NYSE:V) and Fundamo, the Visa-owned mobile money platform, today announced the results of a study that reveals consumers in six developing countries are already highly aware of mobile money services – the ability to make payments or send funds simply by accessing an account on their mobile phone. Nearly 90 percent of consumers surveyed by Visa expressed interest in making use of these services in the future.
The Visa Mobile Money study analyzed the financial services needs and expectations of mobile money among nearly 2,500 consumers, mobile money agents, and merchants in Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan. The results reveal that consumers’ needs for financial services are far more sophisticated than previously believed and go well beyond the established transaction set offered by mobile money services today. The study also found that security concerns associated with carrying cash and the need to quickly send money to family members living far away are among the key drivers for mobile money adoption.
“Thanks to the mobile money community, millions of previously unbanked people are now able to make basic electronic transactions such as person-to-person and bill payments. Our potential for driving far reaching social and economic change, while at the same time growing transaction volumes in developing countries, is significant. But we’ll limit that potential if we don’t learn to stop and really listen to our customers,” said Hannes van Rensburg, CEO of Fundamo and Group Country Manager, sub-Saharan Africa, Visa Inc.
The Visa study suggests that the success of mobile financial services is determined by how deeply a mobile money provider understands its customers and tailors the service to the needs of consumers and mobile money agents – from service menus, to marketing and education. The study also uncovered key barriers to adoption and identified best practices for mobile money providers.