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Mobile wallet Industry Report 2021 From GSMA

The following is the Mobile wallet Industry Report 2021 From GSMA recommended by recordtrend.com. And this article belongs to the classification: GSMA, research report, financial technology.

GSMA released the mobile wallet Industry Report 2021. During the new crown pandemic, mobile transactions accelerated sharply as the blockade restricted people’s use of cash and access to financial institutions. In 2020, the number of registered mobile wallet accounts in the world will increase by 13%, more than 1.2 billion, twice as much as expected.

More opportunities in the formal economy

In order to minimize the economic loss in the new era, many governments have issued monetary support to individuals and enterprises. During the new crown pandemic, government spending on individuals quadrupled, and the mobile payment industry worked hand in hand with government departments and non-governmental organizations to quickly, safely and efficiently distribute social protection and humanitarian support to those in need. Promoting such direct support is an example of the mobile payment industry providing a financial lifeline for the community. Mobile payment providers also provide physical support, including distributing personal protective equipment (PPE) and hand washing gel at the agency counters.

Enhancing global financial equality

For the first time in the world, the amount of money sent and received by mobile payment in the form of remittance exceeds 1 billion US dollars per month. Despite early concerns, there will be fewer deals as people around the world lose jobs and incomes during the new crown pandemic. But it is clear that the diaspora continues to support family and friends back home. As a result, the total value of transactions will grow by 65% to US $12.7 billion in 2020.

Promoting regulatory change

As the new crown pandemic has had a negative impact on people’s lives and weakened the economy, regulators have taken various measures to reduce this impact. The study found that the pandemic brought a new sense of urgency to regulatory reform to promote greater digitization. In many markets, trading limits have been raised to allow more money to flow through mobile payments. In addition, with the increasing demand for non physical payment, some regulatory agencies list mobile payment agents and their supply chain as basic services. More than 50% of liquidity agents remain active throughout the pandemic, which is critical for continuity and liquidity of services.

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