Importance and Growth of Mobile Money Post-COVID-19

After the COVID-19 hit in early 2020, it was evident that mobile money, would play a critical role in keeping people connected, giving critical financial assistance, and enabling safe, contactless channel to pay for merchants and other necessities. The 5.2 billion mobile users worldwide have helped mobile money providers to grow faster than other traditional banking services. With more than $2 billion in daily transactions, mobile money has become a new daily ritual for millions of people all over the world. As a result, mobile money providers became an important element in several markets, and they provided a vital, secure, safe, prompt and efficient pathway and alternative to the traditional banking sector. There are now globally over 1.2 billion registered accounts and 300 million monthly active accounts. The global value of daily transactions has surpassed $2 billion for the first time, and is predicted to top $3 billion by the end of 2022. Concerning Iraq market almost 3.5 million eWallets/mobile money wallets opened until mid-2020.

Mobile money has helped to introduce new use cases, channels and methods, from merchant payment to mobile top-up, bill payment and bulk disbursement to international remittances and interoperability between the different mobile money providers.

NassWallet as a leading mobile money provider in Iraq with a solid customer base and agents across the country, providing modern, safe, secure and convenient digital banking services through mobile, USSD and web portal channels.

NassWallet has supported government institutions in their respond to COVID-19 pandemic by providing bulk aid distribution to affect families across the country. As well as partnering with several NGOs - NassWallet to distribute income support and emergency payments rapidly and efficiently.

As people become more aware of the health hazards around using cash, they quickly turned to mobile money as an alternative solution to buy food, clothing, and other necessities. NassWallet has hundreds of shops, outlets, apps and websites connected to its platform that provides an easy, safe and convenient payment by simply scanning a QR Code.

To go further in the near future, NassWallet will be launching Western Union to facilitate sending and receiving money internationally, which will be a game changer for the industry and its consumers.

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