With the first quarter of 2015 already behind us it’s time to give an update to our Emerging Markets Payment Index.
The Emerging Markets Payment Index focuses on markets highlighted by GfK in its global forecast of top smartphone markets for growth by value in 2015: India, Indonesia, South Africa, Brazil, Pakistan, Nigeria, Egypt and Vietnam*. Fortumo has seen the same trend as countries like Brazil and India have been driving the biggest growth for our merchants over the past year.
The reason why carrier billing is so popular in these countries is the significantly lower level of access to traditional online payments than in mature economies. India and Vietnam have a credit card penetration below 2%, in Nigeria 99.3% of all card transactions are conducted on ATMs etc. This financial exclusion is also accompanied by high piracy rates as we highlighted in our recent infographic.
Key aspects to note from the Q1 2015 index:
- Brazil, South Africa and Indonesia retain their status as the countries with the largest revenue per paying user
- User spend increased in India and Pakistan; Pakistan's 72% growth can be attributed to users becoming more accustomed to carrier billing as it has been available in the country for less than a year
- Vietnam and Pakistan continue massive growth in transaction volume, a trend that has carried over from Q4 2015
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