South and Central America will see a huge growth in the use of mobile phones as a means to provide access to banking services, person to person payments and remittances. This part of the world is hugely under-served by banks and it is here that mobile phone payments can make a huge difference to people’s everyday lives.

The main growth area in this part of the world will be in SMS payments for purchases, money transfers and bill payments.

IE Market Research predicts that by 2015, there will be 71.2 million mobile payments users in South and Central America and that the gross value of mobile payments will reach 46.1 billion USD.