Communication Networks Economy

Appendix 11Standardization of Mobile Financial Services (Extract – ITU-T, February 2016)

We live in a global economy that is increasingly dependent on mobile telecommunications technology and digital financial services. Mobile communications offer financial and banking operations that are profitable both nationally and internationally, particularly for the world’s low-income population.

These services concern mobile money, mobile payment and mobile banking services with increased security. Features for transfers, payments and savings are not available for the poorest people anywhere in the world. As a result, these financial services are essential to the benefit of over two billion people living on less than three dollars per day.

For these reasons, the ITU-T needs to help define a “mobile financial services ecosystem” and the technologies required for proper interoperability connected to a high level of security, within a regulatory framework suited to users.