The GSM Association (GSMA) has released its 10th annual ‘State of the Industry Report on Mobile Money,’ showing the industry processed $1 trillion in 2021.

The mobile money industry has been experiencing significant growth, according to the GSMA, registering 18% more accounts in 2021 over 2020, bringing the total to 1.35 billion accounts globally. The number of person-to-person transactions reached 1.5 million an hour.

Merchant payment transactions, in particular, were a driving factor, reaching an average of $5.5 billion per month.

“2021 was the year mobile money started to really diversify to B2B services. Beyond traditional person-to-person transactions, such as transferring money to family or friends, the industry is now central in helping small businesses operate more efficiently, and serve their customers better” said Max Cuvellier, Head of Mobile for Development, GSMA.

To learn more, the full 2022 State of the Industry Report on Mobile Money here.