The study, which was released by Frost & Sullivan, focuses on both the banked and unbanked sectors, dividing mobile money into four areas: non-NFC based m-payments, mobile banking, remittance and NFC-based m-payments. According to researchers, in spite of mobile money sector growth, driven by high frequency and low-value transactions supported by secure cashless transaction systems, some concerns still remain. These are mainly related to security issues, the lack of regulation on mobile transactions, service quality, limited collaboration between different participants and high solutions costs.
The global ratio of mobile phone users to bank accounts is about 4 to 1.5, the same source indicates.
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