2009年-世界发展银行全球_Window_on_the_Unbanked___Mobile_Money_in_the_Philippines_4页_684kb

Summary of "Window on the Unbanked: Mobile Money in the Philippines"

Core Content

This report, conducted by CGAP, GSMA, and McKinsey, presents a comprehensive analysis of the mobile money market in 147 developing countries, with a specific focus on the Philippines. It highlights the potential of mobile money to serve the unbanked population, particularly in emerging markets where traditional banking infrastructure is limited.

Main Findings

• Global Context:

  • 1 billion people globally are unbanked but have mobile phones.
  • By 2012, this number is projected to rise to 1.7 billion.
  • Mobile money could generate up to US$7.8 billion in new revenues by 2012 through transaction fees, improved loyalty, and cost-efficient airtime distribution.
  • Around 120 mobile money services are expected to be launched in developing countries in 2009.

• Philippines Context:

  • Three out of four Filipinos are unbanked.
  • Mobile money services like Smart Money (2001) and GCash (2004) are among the earliest in the region.
  • 1.6 million active mobile users in the Philippines are unbanked.
  • 26% of these users live below the poverty line (less than US$5 per day).

Key Insights from the Philippines

• Usage Patterns:

  • 50% of active mobile money users are unbanked.
  • 52% of users access the service twice a month or less, while 40% are high-intensity users (more than four transactions per month).
  • 1 in 11 active unbanked users are super-users (more than 12 transactions per month).

• Consumer Behavior:

  • Mobile money users are more loyal to their providers, with 68% of users with multiple SIM cards using their mobile money SIM as the primary for calls and SMS.
  • 92% of users would recommend mobile money to friends and family.
  • 90% feel their money is safe in a mobile wallet.

• Usage Beyond Remittances:

  • While remittances are the primary use case, one-third of users do not use remittances.
  • They use mobile money for airtime top-up and remote purchases, indicating a broader demand for financial services.
  • 12% of low-income, unbanked users do not own a phone, suggesting mobile money can reach even lower-income segments.

Potential Customers

• Financial Management:

  • Low-income Filipinos are active managers of their money, often using informal mechanisms like saving at home, giving money to friends, or joining savings clubs.
  • They hold an estimated US$450 million in informal savings balances, with frequent deposits and withdrawals.

• Awareness and Interest:

  • 64% of unbanked Filipinos are aware of at least one mobile money product.
  • 54% understand the potential uses of mobile money.
  • 75% believe it would be easy to use.
  • However, only 13% express interest in trying mobile money, with 48% being uncertain.

Recommendations for Industry

1. Marketing Strategy:

   • Focus on influential consumers and incentives to encourage trial.
   • Use referral programs with bonuses or prizes.
   • Highlight cost reduction and risk mitigation as key motivators.

2. Understand Financial Profiles:

   • Income of low-income individuals is variable, and G2P welfare payments can provide a stable income stream.
   • Targeting recipients of such payments could lead to steady usage and revenue generation.

3. Expand Agent Networks:

   • A dense network of agents is crucial for convenience and access.
   • Urban users have four times more bank branches and ATMs than mobile money agents nearby.
   • Rural users often have no agents nearby, making access a major challenge.

4. Diversify Services:

   • Explore savings services as a key area of opportunity.
   • Differential pricing for deposits and transfers could make mobile wallets more economical.
   • Mobile money can be positioned as safer and more convenient than informal savings methods, such as hiding cash at home.

Conclusion

Mobile money has the potential to transform financial inclusion in the Philippines and other developing countries. It offers a cost-effective and accessible alternative to traditional banking, especially for the unbanked and low-income. However, conversion to mobile money requires targeted marketing, understanding financial behavior, improving agent networks, and expanding service offerings beyond remittances. The Philippines serves as a model for how mobile money can reach and serve the unbanked population, with a clear path to increased adoption and usage.