Are Mobile Money Wallets Really Customer-Centric?

Globally, digital financial services have become a popular option for deepening financial inclusion. This growth has brought about the need to focus on protection of end customers by building mass awareness, conceptualizing practices that are user-friendly and mitigating customer related risk.

This Note explores the customer centricity of Mobile Money (MM) wallets. It presents the experience of rural and urban customers on four critical aspects:

1. Customer acquisition/opening of a wallet;
2. Service availability and user experience;
3. Communication of service features; 
4. Availability of recourse mechanisms to customers.

The Note also looks at the pain points of customers that hinder adoption and usage of MM in India. The key points in the note include:

• Customer acquisition form rejection rate is around 20% in all research geographies;
• More than half of the active MM users expressed satisfaction with respect to the service offered by Mobile Money providers;
• Only one third of users received timely communication about changes in product and/ or processes;
• 75% of active users are aware of customer support facilities.