The research found that CICO (Cash In, Cash Out) transactions will be the largest driver
A new study from Juniper Research found that the total transaction value of the MFS (Mobile Financial Services) market will exceed $1 trillion by 2024; rising from $580 billion in 2019. This is a growth of 70%. The research identified a range of untapped opportunities in Latin America for services such as microfinance, microloans and money transfer, as a key driver of MFS growth over the next five years.
The research found that CICO (Cash In, Cash Out) transactions will be the largest driver of growth for the MFS market; exceeding a value of $590 billion by 2024. CICO allows users to access traditional banking services, such as deposits and withdrawals, via mobile devices.The report urged MFS providers to expand their agent networks to rapidly grow customer bases. It also forecasts that fostering confidence amongst users for CICO transactions will lead to uptake of more comprehensive MFS products, such as microloans and microinsurance, in the future.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.