The drive to cashless: mobile money fits the bill in Covid-19 response

Developing markets are more exposed to the inherent risks of Covid-19: social distancing is more difficult to achieve and maintain in economies more heavily reliant on cash. It has therefore been imperative that these markets look to accelerate the adoption of digital payments during the pandemic. For many, mobile money represents a ready-made vehicle for this; as our research shows, it has benefitted from government and central bank initiatives designed to combat the spread and mitigate the impact of Covid-19. This report examines the impact on mobile money providers, and looks at the next steps many are taking to expand beyond traditional mobile money use cases as economies increasingly pivot towards digital transactions.