A new study reveals consumers in six developing countries are already highly aware of mobile money services. Nearly 90 per cent of consumers surveyed by Visa and Fundamo, the Visa-owned mobile money platform, expressed interest in making use of these services in the future.

The Visa Mobile Money study analysed the financial services needs and expectations of mobile money among nearly 2,500 consumers, mobile money agents, and merchants in Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan. The results reveal that consumers’ needs for financial services are far more sophisticated than previously believed and go well beyond the established transaction set offered by mobile money services today. The study also found that security concerns associated with carrying cash and the need to quickly send money to family members living far away are among the key drivers for mobile money adoption.

Just over half of all respondents were aware that they could carry out financial transactions with their handsets. Ghana leads the way, with awareness at 93 per cent and MTN the most known mobile money provider; in Pakistan 89 per cent of the public are mobile money aware with easyPaisa the most recognised brand.

When made aware of mobile money services, nearly 90 per cent express interest in using them. Eighty one per cent intend to take advantage of the technology to send money to family members, while 56 per cent would pay utility bills and 52 per cent to save money for their family.

“Thanks to the mobile money community, millions of previously unbanked people are now able to make basic electronic transactions such as person-to-person and bill payments. Our potential for driving far reaching social and economic change, while at the same time growing transaction volumes in developing countries, is significant. But we’ll limit that potential if we don’t learn to stop and really listen to our customers,” says Hannes van Rensburg, CEO at Fundamo and Group country manager, sub-Saharan Africa, Visa.

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