Academic journal article ABA Banking Journal

Mobile Pay Surges Elsewhere, Simmers Here

Academic journal article ABA Banking Journal

Mobile Pay Surges Elsewhere, Simmers Here

Article excerpt

Growth in making financial payments through mobile phones has greatly increased in many parts of the world, but continues to remain low in the United States, according to a new report by the World Bank.

The Global Financial Inclusion (Global Index) Database, compiled by the World Bank, Gallup World Poll, and the Gates Foundation, analyzes how adults in 148 economies save, borrow, make payments, and manage risk. It notes in its findings that 50% of adults worldwide reported having an account at a formal financial institution, which is defined as a bank, credit union, cooperative, post office, or microfinance institution.

Here in the United States, 89% of adults have an account with a financial institution, which, while strong, is not the highest figure. That would be Canada, at 96%. These figures are for the top four income groups, however. For the poorest income quintile, 26% of U.S. adults report having no formal account while in the U.K. just 3% of adults are "unbanked." Worldwide, the figure is 35%. …

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