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April 4, 2012updated 22 Aug 2016 12:48pm

Mobile payment services set to grow in Bric countries: report

By CBR Staff Writer

Mobile payment services in Brazil, Russia, India and China (BRIC) is expected to grow over the next five years with China leading the pack recording 7.3 billion mobile based transactions by 2016, according to Bricdata report.

According to the report, China recorded 350 million mobile payment transactions in 2011 with a transaction size of $1.1 which is set to grow to 7.3 billion transactions, with an average size of $4.1 during the period.

Mobile payment market in Russia stood at 1.1 million transactions in 2011, with an average transaction size of $1.8 which is expected to over 2.7 billion transactions with average transaction size of $6.2 by 2016.

Indian mobile payment market is also expected to see high growth during the period, which is expected to grow to 4.5 billion transactions, with an average transaction value of $3.3 by 2016 from 55 million transactions in 2011.

Brazilian mobile payment market recorded 125 million transactions in 2011 with an average transaction size of $0.8 which is expected to reach to over 2.4 billion transactions with average transaction size of $5.3 during the period.

Large unbanked population supported by developed mobile and banking system will be the one of main driver of growth for mobile-based financial services in Brazil, the report revealed.

The full report ‘Mobile Money Opportunities in the BRIC Countries’ is available from BRICdata. Click here for more details.

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