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Bank accounts are out, smartphones are in. In 2011, some 2.5 billion people in the world were “unbanked” (pdf), as the lingo goes, according to the World Bank. By 2016, more people will have bank accounts, but in regions like the Asia-Pacific and the Middle East, even more will have smartphones, research and consulting firm Analysys Mason predicts in a report today.
As we’ve written before, the increasing availability of cheap smartphones in emerging markets is one of the most important consumer trends today. Smartphone penetration should reach 46% in Asia by 2017 from 23% in 2012, and 29% in the Middle East and North Africa from 7% last year. The International Data Corporation forecasts that 70% of all smartphones shipped will be destined for emerging markets by 2017.