2021年移动钱包行业报告.pdf
ContentsExecutive Summary 4Mobile money in 2020 and beyond:embracing disruption and building resilience 1 1Steady adoption on all fronts 14Active accounts and financial demarginalisation”17Transaction values continue to grow 20COVID-19 regulatory responses and policy interventions 24Maintaining liquidity in a crisis 27Mobile money in 2020 and beyond:adapting and thriving in a new mobile money 31landscapeMerchant payments 32Bulk payments 34International remittances 36Interoperability 38The effect of COVID-19 on mobile money economics 41How mobile money-enabled adjacent services can foster financial resilience 43Mobile money in 2020 and beyond:meeting the socio-economic challenges of 53COVID-19Adapting to a new reality and redefining humanitarian assistance 53Increasing access to essential utility services 56Expanding womens access to financial services 61Boosting financial inclusion for smallholder farmers through agricultural 63enterprise toolsConclusion67Appendix683Executive SummaryIn a year of global upheaval,mobile money provided a financial lifeline2020 was a year like no other.In every region ofthe world,COVID-19 triggered a mix of responses,from school and workplace closures to restrictionson movement to complete lockdown.All at once,handling cash,paying for daily essentials andconducting business in person became risky,andmore people than ever turned to mobile money as asafer option.For mobile money providers,the pandemic createda more complex operating environment.Withconsumer spending down and transaction feeswaived,providers found it difficult to reap thecommercial benefits of higher mobile money usageand a widespread shift from cash to digital.Howeverthe industry proved resilient as providers did theirutmost to keep economies going and provide anessential service to people in need.The State of the Industry report looks at what thisyear of upheaval has meant for mobile moneyproviders,agent networks and the millions of newand existing customers that embraced mobilemoney in 2020 as a safe and secure financial lifeline.The report examines the major industry trends in 2020.More accounts,more activityIn 2020,the number of registered accounts grew by12.7 per cent globally to 1.21 billion accounts-doublethe forecasted growth rate.Apart from changes inconsumer behaviour,this impressive uptake wasdue to regulators implementing more flexible KnowYour Customer(KYC)processes and relaxing onboarding requirements to make it easier to open anaccount.The fastest growth was in regions wheregovernments provided significant pandemic reliefto citizens.Account activity grew at an even faster rate.Thereare now over 300 million monthly active mobilemoney accounts.Not only are customers using theiraccounts more frequently,but they are using themfor new and more advanced use cases.This suggeststhat more and more people are moving awayfrom the margins of financial systems and leadingincreasingly digital lives.Transaction values also grew across the board asmore money circulated and was cashed-in andcashed-out than ever before.For the first time,theglobal value of daily transactions exceeded$2 billiondollars,and is expected to surpass$3 billion a dayby the end of 2022.Stronger partnerships are accelerating the shiftto digitalTo minimise the human and financial toll of thepandemic and keep economies afloat,nationalgovernments distributed unprecedented monetaryand fiscal support to individuals and businesses.The value of government-to-person(G2P)payments quadrupled during the pandemic as themobile money industry worked hand in hand withgovernments and non-governmental organisations(NGOs)to distribute social and humanitarianpayments quickly,securely and efficiently to thosein need.As remote operations become moreimportant,collaboration with lenders and insuranceproviders are also expected to increase.Agent networks are an essential serviceAgent networks have always been a core partof the mobile money industry,but during thepandemic they proved critical.As demand rose fornon-physical payments,some regulators declaredmobile money agents an essential service.Throughthe pandemic,mobile money providers invested inkeeping agent networks open and safe by providinghandwashing stations and personal protectiveequipment(PPE)to agent outlets.4Executive SummaryInternational remittances scaled up significantlyInternational remittances processed via mobilemoney increased by 65 per cent in 2020.For thefirst time,over$1 billion is being sent and receivedevery month.Despite fears that remittances woulddecline as people around the world suffered joblosses and income cuts,it seems clear that diasporasaround the world continued to use mobile money tocome to the aid of those back home.Merchant payments have taken a leap forwardAs more consumers became uncomfortablehandling cash,many turned to mobile money topurchase food,clothing and other essential productsand services.This undoubtedly contributed to anuptick in merchant payments.The value of mobilemoney merchant payments grew by 43 per centcompared to 28 per cent in the previous year.Onaverage,$2.3 billion in merchant payments weretransacted per month in 2020,and QR codesbecame the second-most offered channel formerchant payments after USSD.Interoperability is bringing more people into theformal economyOver the past five years,the value of transactionsbetween mobile money platforms and banks grewfourfold,reaching$68 billion in 2020,up from just$15 billion in 2015.During this period,the amountof money flowing between the two systemshas remained in close balance,highlighting thecomplementary relationship between banks andmobile money services.The regulatory landscape is shiftingRegulatory responses to COVID-19 differedsignificantly between countries.In markets wherestreamlining and digitising KYC processes hadstalled,the pandemic has given fresh urgency toregulatory change.In many markets,transactionlimits were increased to allow more funds to flowthrough mobile money,directly reducing the needfor day-to-day cash transactions.The report will alsolook at the impact of fee waivers on core revenues,which,if prolonged,could pose a severe threat tothe sustainability of the industry.Executive SummaryAs always,the State of theIndustry report is a snapshotof a year in the mobilemoney industry.In a year ofunexpected and sweepingchange,the challenges andstrategies were different,butthe focus remains the same:an inclusive digitalfuture for all.MOBILE MONEY IN 20201.2bfregistered mobilemoney accountsOver$2bnprocessed dailyby the mobilemoney industry300 millionmonthly active accounts17%Q-in crease_Ayear-on-year)More thanonouuntiqleutes aglgoebnat lly$1bn310mobile moneydeploymentsCare live in 96 countriesinternational remittancesprocessed per month0 6 5%y e ar)$500mdigitised per dayby agents globally2020 GLOBAL OVERVIEWTRANSACTIONVOLUMETRANSACTIONVALUE(US$)4.8mMONTHLY VALUE SNAPSHOTDecember 20209%Person-to-person transfersREGIONAL GROWTH IN 20208AFRICAN GROWTH IN 20209Embracing disruption and building resilienceMobile money in 2020 and beyondEmbracing disruptionand building resilienceThe start of the new decade saw the world grinding to a halt.When theCOVID-19 pandemic took hold and began spreading across the globe inearly 2020,it quickly became much more than a health crisis.It alsocreated an unprecedented human,economic and social crisis that rockedsocieties to their core.The Great Lockdown of 2020 created the worstrecession since the Great Depression,pushing millions into poverty andprecarity as businesses closed and jobs were lost.The magnitude and speed of the crisis underminedglobal financial stability and brought economiclife to a standstill,particularly in low-and middleincome countries(LMICs)where the informaleconomy dominates.Ib contain the human andfinancial toll of the pandemic,national governmentstook bold steps,not only injecting financing intoadditional health and emergency services,but alsodistributing extraordinary levels of monetary andfiscal support.11$11.5 trillion in fiscal actions and about$7,5 trillion in monetary actions as of September 2020 in geographies where conditions and budget allowed.See:https:www.imfQrQ/extern3l/Bubs/ft/cr/2020/ena/downloods/imf-onnual-report-2020.Ddf2 Sahay,R.,etal.(2020).I H.O/D 9 Fr.international Monetary Fund(IMF).The most vulnerable and hardest hit by COVID-19were those living in circumstances that made socialdistancing impossible or in geographies where thesesupports were not available.Even those who couldbenefit from government and humanitarian supportwere likely to have more difficulty accessing it.Lackof account ownership at a formal financial institutionwas the greatest barrier.In this context,universalaccess to financial services became more criticalthan ever.There is ample evidence of the benefits of digitalfinancial services,including greater financialinclusion and stronger GDP growth.2 In LMICs,mobile money is far more accessible than any othertype of digital financial service(including app-basedplatforms),particularly outside urban centres.With310 live services in 96 countries,mobile money isnow available in most markets where access tofinancial services is low(see Figure 1).Mobile money providers also have two noteworthyadvantages over other digital financial services:excellent knowledge of local markets and strongpartnerships and collaborations with fintechs,banks,governments and other key stakeholders.These capabilities and assets put them in a strongposition to weather the storm and build resilienceinto local economies and societies.As a result,inmany markets,mobile money providers becamean integral part of the national COVID-19 responseand provided a critical path to delivering financialassistance quickly；safely and efficiently.Embracing disruption and building resilience11Number of m obile money services per country,2020342 services3 services 4 services 5 or moreservices1 serviceFrom the onset of the pandemic,mobile moneyproviders acted urgently to moderate the damage tocitizens,governments and businesses.While somewere short-term measures,many laid a foundationfor future growth and a faster transition from cashto digital payments.This section highlights globalindustry trends during the pandemic,includingregulatory and policy responses to COVID-19；as wellas important regional variations.We unpack howthe industry embraced the disruption and becamemore resilient,including scaling up mobile moneyadoption and use.3 GSMA Mobile Money Deployment Tracker:4 Note：the number of services available in a country should not be seen or used as a proxy for mobile money penetration of the population.1fA AJ O UEmbracing disruption and building resilience13Steady adoption on all frontsDespite the challenges and disruptions it caused,COVID-19 triggered awidespread shift in the adoption of digital tools.All at once,more peoplewere using mobile services out of necessity.Restrictions on movement andthe potential risks of handling cash led consumers to quickly turn to digitalpayments as a safer and more accessible option.In 2020,the number of registered mobile moneyaccounts grew by 12.7 per cent globally,with over136 million added in just one year.This growthwas twice as high as expected and exceeded lastyears forecast by 6.4 percentage points-takingthe total number of registered accounts globallyto 1.21 billion.Apart from a change in consumerbehaviour,this impressive uptake was also due toregulators implementing more flexible Know YourCustomer(KYC)processes and relaxed on-boardingrequirements.As predicted in last years State of the Industryreport,registered accounts in Africa comfortablysurpassed the half billion mark.Sub-Saharan Africahas been at the forefront of the mobile moneyindustry for over a decade,and in 2020 continuedto account for the majority of growth(43 per centof all new accounts)(see Figure 2),By the end ofthe year,there were 548 million registered accountsin the region,over 150 million of which were activeon a monthly basis.Although absolute growth washighest in West and East Africa,Southern Africagrew the fastest at 24 per cent year on year.Net additions to registered accountsSub-Saharan South Middle East andAfrica Asia North AfricaLatin America Europe and East Asiaand the Central Asia and PacificCaribbeanEast CentralAfrica AfricaSouthern WestAfrica AfricaState of the Industry Report on Mobile Money 2021East Asia and Pacific also experienced significantgrowth,contributing to 34 per cent of all newaccounts,thanks to strong growth in SoutheastAsia in particular.More than half of the services inthe region now have over one million registeredaccounts.In South Asia,registered accounts grewby five per cent to surpass 300 million registeredmobile money accounts for the first time.This meansthat one in four registered mobile money accountsglobally are now in South Asia.The Middle East and North Africa saw the largestaddition in registered accounts in absolute termsover the last five years.This is the result of bothnew and renewed efforts by industry players acrossthe region.Finally,Latin America and the Caribbean had thefastest growth of any region for registered(38 percent)and active accounts(67 per cent).This wasdriven in part by significant government support inthe wake of the pandemic,with millions of peoplereceiving relief funds via mobile money.MOBILE MONEY HIGHLIGHTS IN 2020While 2020 saw unparalleled challenges brought on by the COVID-19 pandemic,the mobile money industry witnessed strong efforts in striving towards cashlesssocieties,entering strategic partnerships to expand the horizons of digitalpayments and developing new and robust interoperable payment systems.MARCHJULYDECEMBERNOVEMBERINVESTMENTGrab invests$100 million inLinkAja to strengthen its financialservices and accelerate financialinclusion in Indonesia.NATIONALCOMMITMENTGhana becomes the first Africancountry to launch a universalQR code enabling all Ghanaiansto make instant merchantpayments from their mobilemoney wallets,bank accounts orinternational cards.APRILSTRATEGICPARTNERSHIPINCREASEDINTEROPERABILITYJULYVodacom and Safaricom acquirethe M-Pesa brand,its productdevelopment and supportservices from Vodafone,offeringopportunities to expand M-Pesainto new African markets.GSMA launches the Mobile MoneyInteroperability lest Platformempowering both third-partyservice providers and digitalfinancial service providers to testtheir software implementation inan end-to-end ecosystem.JULYINCREASEDINTEROPERABILITYInteroperability platform,GIMACPAY launches inCEMAC countries to facilitateinteroperable mobile money andbanking payments for the CEMACpopulation.AUGUSTINTERNATIONALREMITTANCESAirtel Africa enters a strategicpartnership with MoneyGramenabling Airtel Money customersto receive MoneyGram transfersdirectly into their mobile walletsfrom over 200 countries acrossthe world.PRODUCTEXPANSIONOrange and NSIA combineexpertise to launch Orange BankAfrica and provide greater accessto financial services
