The IMF report defines mobile money as a ‘financial service offered by a mobile network operator or another entity that partners with an MNO (Mobile Network Operators), facilitated by a network of mobile money agents.’
- As per the data from the eleventh annual Financial Access Survey (FAS) 2020 report released by the International Monetary Fund (IMF) on November 9, 2020, there were about 73 mobile money accounts per 1,000 adults in 2015. That rose to 1,265 in 2019 which shows 17-fold jump.
- Mobile money transactions grew from 0.02% of GDP in 2015 to 0.9% in 2019.
- Despite such a massive jump, India is still far behind some of the African and Asian countries. In Ghana and Cambodia, the value of mobile money transactions was close to 70% and 90% of GDP in 2019 respectively.
