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Edition: U.S. Article Comments (0) Editor's Choice Microsoft puts Office in the cloud, confronts Google Benefit of mammograms even greater than thought American climate skeptic Soon funded by oil, coal firms Russian scientists expect to meet aliens by 2031 FX meets Facebook, and retail trade gets transparent Venture firms seek light green tech bets Near-Earth asteroid passes over Atlantic Ocean "Start-stop" seen tripling in new cars by 2016 Video: Supreme Court says: Game on! Slideshow: The Midwest floods Follow Reuters Facebook Twitter RSS YouTube Read Radioactive water leaks from Japan's damaged plant | 9:20am EDT Special Report: A little house of secrets on the Great Plains | 11:31am EDT Near-Earth asteroid passes over Atlantic Ocean 10:51am EDT Microsoft puts Office in the cloud, confronts Google 7:26am EDT Greek protests turn violent as EU warns of default | 11:06am EDT Discussed 221 Biden deficit-cut talks hit impasse: Rep. Cantor 139 CBO sees government benefits swamping U.S. economy 112 Fragile economy pushed Obama to tap oil reserves Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 China's luxury fast train debuts Mon, Jun 27 2011 Mobile banking to help 2 billion people by 2020: study Tweet Share this Email Print Related News Asia moves to tap oil reserves Fri, Jun 24 2011 Discover beats forecasts, profit more than doubles Thu, Jun 23 2011 EU leaders to renew battle over Greek crisis at summit Wed, Jun 22 2011 PNC to buy RBC U.S. bank, card units for $3.6 billion Mon, Jun 20 2011 Analysis: Banks seek cybershelter with "ethical hackers" Fri, Jun 17 2011 Analysis & Opinion How health insurance portability would be useful Are cellphone payments safe? Related Topics Technology » A woman checks her smartphone in New York in this December 7, 2010 file photo. Credit: Reuters/Shannon Stapleton FRANKFURT | Tue Jun 28, 2011 10:56am EDT FRANKFURT (Reuters) - Mobile financial services are expected to improve the lives of around 2 billion people in developing countries within a decade and boost economies, a Boston Consulting Group study found. "Overall, mobile financial services can reduce financial exclusion by 5 percent to 20 percent through 2020 and increase gross domestic product (GDP) by up to 5 percent, with Pakistan, for instance, potentially seeing a 3 percent uplift," the study said. It added that improved access to finance fostered entrepreneurship, new business creation and new jobs. The report, released by Norwegian telecom group Telenor on Tuesday, focused on five countries -- Pakistan, Bangladesh, India, Malaysia and Serbia -- which represented a broad development range, it said. Some 72 percent of the population in developing countries are without access to banks or credit cards according to the study. They manage to work around this by borrowing from friends and family, obtaining short-term credit from employers, forming savings clubs or seeking out moneylenders but these options were often risky, costly and with indeterminate results. Telecom firms such as Telenor, Vodafone, Orange and MTN have begun investing in mobile payment systems in Asia and Africa that allow consumers to make basic payments for utilities for example but also participate in savings, credit and insurance programs via mobile phones. Mobile financial services can also help overcome economic shocks such as natural disasters or unexpected medical emergencies, the study said. In Kenya, Safaricom's M-Pesa's UAP Insurance insures poor farmers through mobile phones against weather-induced crop failures for example. Norway's Telenor said it was still early days but that the potential for growth was expected to be huge. Telenor's EasyPaisa program in Pakistan started with 2,200 retail outlets in October 2009 and now has 12,600 retailers spread over 650 cities across the country. It has some 10 million estimated users and the total value of money transfers has reached 17.4 billion Pakistan rupees ($167.2 million). "We believe that mobile financial services will be one of the key drivers for financial inclusion going forward and thus has the potential to be the most powerful tool for economic and social development in emerging economies," Telenor Chief executive Jon Fredrik Baksaas said in a statement on Tuesday. (Reporting by Nicola Leske; Editing by Erica Billingham) ($1=86.12 Pakistani Rupee) Technology Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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