Digital payment firm Paytm's QR codes are being displayed on the counter of a roadside mobile repairing shop in Kolkata, India, on February 26, 2024. Photo Credit: NurPhoto via Getty Images

SocietyTechnology The World9. July 2024

Mobile Banking Becomes More and More Accessible, Everywhere

Mobile money accounts have experienced substantial growth worldwide, but mainly in Africa and Asia. They allow millions of people to perform simple financial services in regions with limited banking infrastructure.

In 2010, the number of active mobile money accounts reached 13 million, while in 2023, it had grown to 640 million.

The data was published by the GSM Association, a non-profit industry organization representing the interests of mobile network operators worldwide. Hundreds of millions can make deposits, transfers, and payments through mobile money accounts. For an account to be considered active, at least one mobile money payment should be performed during the last 90 days of each year. Mobile banking was almost exclusively adopted in Sub-Saharan Africa in the early 2010s, but in recent years, a growing number of Asian countries have significantly adopted it.

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