Mobile money has changed the face of finance since the concept was pioneered in Kenya nearly 20 years ago.
We can broadly define mobile money as any monetary value stored on a mobile device, be it a feature phone or a smartphone, that can be used to make payments.
Thanks to increasing levels of internet access, mobile money now exists in every global market. There are currently 866 million mobile money accounts and $1.3 billion is transacted every day in 90 countries around the world. In South Asia alone, the adoption of mobile money has grown by 46% over the past five years.
Like other parts of the world, each market in Asia applies the technology of mobile money in a different way.
So what are these variable business models – and how do places like Singapore stand apart from other regions?
To answer this question, we need to go back to where this financial revolution began.