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African Cashless Mobile Transactions Reports Maybe Inflated

African cashless spending growing by 20%

Global non-cash transaction volumes may have increased to 333 billion exchanges in 2012. Emerging markets cashless spending has grown more proportionally than developed countries, according to the World Payments Report 2013, published by Capgemini and RBS.

Developing countries tend to be benefiting from the boom in mobile banking, whilst developed countries are experiencing growth in virtual currencies and prepaid cards. Currently developing countries account for more than 23.1% of cashless transactions globally.

However The World Bank reports that there are inconsistencies with the amount of mobile payments being made in Africa. According to cbronline.com…

This inconsistency is emerging as new regions become more active and non-banks take an increasing share of the market via instruments such as e- and m- payments. Analysis in the report suggests that industry estimates of the size of the mobile payments market could be optimistically inflated by a factor of up to 50%, raising the question of whether reliable, centralised data collection is needed.

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