Over the past five years, payments have been accelerating along every conceivable use case, with new payment methods emerging all the time. However, there has still been significant innovation and interest in established technologies, including prepaid cards.
5G subscriptions using a compatible device significantly grew during the COVID-19 pandemic, but fourth-generation connections remain the dominant force in the sector. As the use of mobile devices becomes more common in developing nations, the enduring high prevalence of 4G usage reflects this still being an emerging technology in many parts of the world. 5G subscriptions are though estimated to grow from 580 million at the end of 2021 to 3.5 billion by the end of 2026.
Building on significant contemporary advances in data analytics, platforms, and connectivity, ride sharing services have emerged to become a popular means of urban mobility. This is perhaps unsurprising, however, given the advantages of ride sharing vehicles over traditional transport modes, such as buses and taxis, including that ride sharing platforms enable users to customise their journeys according to real-time phenomena, such as traffic conditions, time of day, and demand.
Mobile money is the basic form of sophisticated MFS (Mobile Financial Services) in emerging markets, which comprises of a variety of financial services delivered via mobile handsets. Given the conditions and multiple factors in emerging markets making access to finance more difficult, MFS can take the form of simple financial activities, including money transfers or more complex ones involving risk decisioning elements, such as lending and insurance.