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MOBILE MONEY FOR THE UNBANKED SMARTPHONES & MOBILE MONEY: THE NEXT GENERATION OF DIGITAL FINANCIAL INCLUSION
Implications of
Smartphones for
Financial Inclusion
T here are multiple paths by which greater mobile internet access and smartphone adoption can impact digital financial inclusion,
particularly mobile money and mobile financial services. At a very basic level, the industry could expect enhanced user experi-
ences, development of even more innovative products, and greater competition. By de-linking the SIM card from the mobile
money service, smartphones can lower barriers to entry for a greater diversity of players to capitalise on the mobile money opportunity,
disrupting existing models. At the same time, web-based interfaces and mobile money apps can allow telcos to increase the size of their
addressable mobile money market beyond their GSM customer base. Diverse scenarios can emerge in different markets, as is further
discussed in this White Paper.
Enhanced user experiences for mobile money
Mobile money providers can significantly improve their existing service offerings for smartphone users, namely by introducing apps
with rich user interfaces and enhanced functionality. Mobile money providers are already heading in this direction, particularly in East
Asian and Latin American markets. To highlight just two, Globe’s GCash in the Philippines developed a mobile app for Android in 2012.
Zuum, the Brazilian mobile money joint venture between Vivo and MasterCard, introduced an app just months after launching. For the
time being, such applications are openly available to any Android smartphone user, though account opening is limited to Globe and Vivo
customers, respectively.
FIGURE 1
GCASH APP SCREENSHOTS
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Implications of
Smartphones for
Financial Inclusion
T here are multiple paths by which greater mobile internet access and smartphone adoption can impact digital financial inclusion,
particularly mobile money and mobile financial services. At a very basic level, the industry could expect enhanced user experi-
ences, development of even more innovative products, and greater competition. By de-linking the SIM card from the mobile
money service, smartphones can lower barriers to entry for a greater diversity of players to capitalise on the mobile money opportunity,
disrupting existing models. At the same time, web-based interfaces and mobile money apps can allow telcos to increase the size of their
addressable mobile money market beyond their GSM customer base. Diverse scenarios can emerge in different markets, as is further
discussed in this White Paper.
Enhanced user experiences for mobile money
Mobile money providers can significantly improve their existing service offerings for smartphone users, namely by introducing apps
with rich user interfaces and enhanced functionality. Mobile money providers are already heading in this direction, particularly in East
Asian and Latin American markets. To highlight just two, Globe’s GCash in the Philippines developed a mobile app for Android in 2012.
Zuum, the Brazilian mobile money joint venture between Vivo and MasterCard, introduced an app just months after launching. For the
time being, such applications are openly available to any Android smartphone user, though account opening is limited to Globe and Vivo
customers, respectively.
FIGURE 1
GCASH APP SCREENSHOTS
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