In much of the world, cash in hand is no longer king. In emerging markets, the penetration of smartphones means that consumers with smartphone digital wallet capabilities now outstrips those with bank accounts. That development has fostered mobile money growth among populations that had previously lacked access to sophisticated financial services.
As e-commerce activity unconnected to credit and debit cards becomes mainstream in Africa, the Middle East, and Latin America, mobile wallets, “will continue to be critical in supporting greater digital and financial inclusion,” according to the report released July 8.
