Product Innovations on Mobile Money

Discussing the functionality of different services available on mobile money platforms

This paper conducts a detailed review of the state of product development and innovation on mobile money platforms. It assembles the information through desk research and interviews of key industry participants and observers. The paper provides a catalog of services that have been rolled out, are being piloted, or have been proposed. In each case it discusses the specific functionalities they entail, or how they build on the basic mobile money rails. The paper covers the following services in detail:

  • Peer-to-peer (P2P) money transfer with a focus on payment modalities;
  • Bill payments (many-to-one, C2B) with a focus on characteristics and enhancements to improve user experience;
  • Bulk payments (one-to-many, B2C) with a focus on characteristics and enhancements;
  • Merchant payments (C2B, in-store) and online merchant payments (C2B, through the web) with a focus on technical challenges and process options;
  • Cash in/out and the use of mobile money accounts for savings purposes;
  • Provision of group-based savings and credit services through mobile money channels;
  • Mobile microinsurance services.

About this Publication

By Mas, I. , Almazán, M.