Mobile Cash Revenues to Skyrocket by 2013

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A new Juniper Research study said that revenues from mobile money transfer services could exceed $5 billion worldwide by 2013, according to RCR Wireless News.

“Judging from the response from users so far to services like M-PESA and SmartMoney, prospects for these services are excellent, both in developing and developed countries,” said Howard Wilcox, author of the report, in the article. The study focused on mobile money transfer services in the ‘underbanked’ population as well as among migrant workers. Western Europe, Africa, the Middle East, and the Far East and China will account for 60 percent of those revenues by 2013.

“For many people it has been costly and difficult for them to transfer money via existing services even to friends and family: using mobile phones solves the problem,” said Wilcox.

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