Enabling Mobile Money Interoperability
According to the World Bank*, 1.7B people do not have access to a bank account, but nearly 2/3 of the population have mobile devices. In emerging economies, the closest bank can be hours away, hyperinflation and crime can make carrying cash impractical and access to credit is non-existent.
Mobile money enables people and businesses who previously did not have basic banking services to conduct banking activities via their mobile device. Adoption of mobile banking has continued to grow, with more than 866 million registered accounts in 90 countries, 2.4B transactions and $1.3B sent every day.
Mobile money relies upon an underlying technical fabric that enables banks, microfinance institutions and other payment providers to ensure payments are directed to the correct intended party. For each transaction, the sender needs to determine which mobile money service provider the recipient is using to make certain funds are transferred to the appropriate account.