Global Mobile Banking users cross the 1.2 Billion mark

A GSM Association report has shown that the number of global mobile banking users has reached $1.2 billion. Despite the pandemic, the volume of digital financial transactions has risen to more than $2 billion per year.

The report shows the opening of over 300 million mobile banking accounts per month, with a simultaneous increase of over 5.2 million in the number of mobile banking agents.

The report explains that in 96 countries 310 institutions supported mobile banking and its services. There is an active sense of competition between the older and the younger service providers who are seeking to improve their activities during this period of challenge, and numbers in Pakistan and Tanzania have to respond professionally.

As people save cash through mobile banking in Pakistan increase by 3 percent, this growing trend will continue to expand. Cross-border transfers also exceeded Rs. 1 billion per month, and total monthly transfers increased by 65%.

By launching and developing detailed national policies, several countries made particular commitments to financial inclusion, which is why the number of mobile Banking users has grown so fast.

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