Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

WorldRemit Global Mobile Money Predictions

This image opens in the lightbox

News provided by

WorldRemit

23 Dec, 2019, 08:00 GMT

Share this article

Share toX

Share this article

Share toX

2020 to be the year of the Southern hemisphere in fintech

LONDON, Dec. 23, 2019 /PRNewswire/ -- Technologists at leading digital money transfer company WorldRemit have pooled their insights into factors that will affect global mobile money in 2020, to offer the following predictions:

1. Device usage in the developing world will continue to grow, driving access to finance for millions.

  • Opportunities in the developing world are based on young populations, growing mobile phone usage and poor existing domestic banking services.
  • Of the 710 million people expected to subscribe to mobile services for the first time over the next seven years, half will come from Asia Pacific and half from Sub-Saharan Africa (GSMA Intelligence: The Mobile Economy 2019).
  • Around a third of Brazilians don't have bank accounts, because the services are too expensive, branches are too far away, or they don't trust the institutions (Global Findex Database: The Unbanked 2017).

In 2020, we could see:

  • Greater financial inclusion. More people will discover ways to use devices to manage their financial affairs and will leapfrog straight from unbanked to taking part in the digital economy, without ever having a bricks and mortar bank account.
  • Diversification of services. As scale of use grows, and digital networks spread throughout developing world countries, it will become commercial for fintech companies to offer a greater variety of digital banking services.

2.  Domestic players in Southern hemisphere nations will strengthen further, expanding the ranks of fintech leaders beyond the usual suspects.

In 2019 we continued to see the emergence of major fintech players beyond the traditional developed world: 

  • Whether it's Tencent's WeBank, the Chinese private direct bank with a $21.5 billion deposit base at the end of 2018, Brazilian digital bank Nubank, which reached 15 million customers in October, or Nigerian digital payments company Interswitch, which became Africa's second unicorn in November, fintech is spreading throughout Southern hemisphere nations. 

In 2020, we could see:

  • Continued investment in new developing world infrastructure. The growing visibility of the opportunity will drive investment, e.g. a mooted Interswitch IPO, and by longer term initiatives such as China's Belt and Road initiative.
  • More true innovation outside the US.  Talent will pool in new places and gains confidence and access to funds for R&D. 

3.  The FAANGs and legacy financial services companies will start to partner more with specialist players to expand into new services, especially beyond the developed world markets

In 2019 we saw some of the world's largest technology companies and banking services providers make a push into mobile money in a bid to further monetise their existing customer relationships and trust:

  • In April, Mastercard invested $56 million in Africa-focused e-commerce start-up Jumia ahead of its New York Stock Exchange IPO, and further Mastercard collaborations with African fintechs Zazu, uKheshe and Kasha followed in November and December and with mobile operators Vodacom and Airtel in July and October.
  • In June, Facebook formally announced plans for Libra, Facebook's own cryptocurrency, to a highly mixed reception, attracting criticism from governments and central banks.
  • In August, Apple made its Apple card available, in the US for now, but with the potential for the company to make it more widely available, to more of its 1.3bn active users. This dwarfs the customer base of the largest bank in the world, Industrial and Commercial Bank of China, with its 567m personal customers.
  • In November Visa paid $200 million for 20% of Interswitch.

In 2020 we could see:

  • More regulation of Big Tech in finance. New moves could be held back by regulators concerned for ways in which global technology companies could interfere with the operation of governments and threaten the rights and freedoms of the customer.
  • Smaller players moving in to take advantage. Nimbler companies could exploit opportunities the FAANGs might now be too big and well-known to seize without serious reputational damage at home.
  • Partnership between large global technology companies and legacy banking companies on the one hand and digital specialists on the other. This approach to launching additional services will be less problematic culturally than acquisitions and can drive innovation faster than organic launches.

4.  The flows of trade will shift and significant new corridors will emerge.

In 2019, economic and political borders were strengthened or disputed by many developed world nations and countries, but Africa was a bright spot for free trade:

  • In May, US President Donald Trump banned US firms dealing with Chinese firms including global ICT solutions provider Huawei. 
  • In November, Apple complied with a new Russian law by describing the Crimean Peninsula territory annexed by Russia as part of Russia in its Maps and Weather apps for Russian users.
  • 54 out of 55 African states signed up to the African Continental Free Trade Area (ACFTA), which encompasses 1.2 billion people and has an output of more than $3 trillion.

In 2020, we could see:  

  • Increased national investment in technology to secure Critical National Infrastructure. The Chinese Communist party has just ordered state offices to replace all foreign PCs and software. Whether third nations opt into US or Chinese 'spheres of influence' or attempt to make their own bespoke combinations secure, putting a secure national stamp on solutions will be the order of the day for many nations.
  • More intra-regional migration. While borders in the Northern hemisphere have hardened to South-North immigration, flows of people within southern hemisphere regions continue and will grow. With ACFTA, the free movement of goods and services will be underpinned by freer movement of people and currencies.
  • More 'South-South' commerce. Transsion (Chinese), Samsung (South Korean) and Huawei (Chinese) were the African smartphone market leaders in terms of shipments in Q2 2019. All are Android-based devices, rather than using Apple's iOS operating system, and the newly launched Huawei Mate 30 contains no US parts. Next year trade will build further on the growing commercial links and technology infrastructure behind this and other South-South trading relationships.

Commenting, Tamer El-Emary, Chief Commercial Officer at WorldRemit, said:

"Across our network we see trends that all point to the growing importance of the global South in the mobile money market. Increased device penetration has driven huge change already, but with much more still to come. At WorldRemit we look forward to embracing further shifts in what we believe will be the year of the Southern hemisphere."

About WorldRemit

Leading digital money transfer company WorldRemit has disrupted an industry previously dominated by offline legacy players, such as Western Union, by taking international money transfers online - making them more convenient, safer, faster and lower-cost. We currently send money from over 50 countries to recipients in over 150 countries across the world. We offer our service and operate in 6,500 money transfer corridors worldwide and employ over 800 people worldwide.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of payout options to recipients including bank deposit, cash collection, mobile airtime top-up and mobile money. Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit's headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

Logo - https://mma.prnewswire.com/media/1055771/WorldRemit_Logo.jpg

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.