It enables an increased scale of financial transactions for pre-existing users, draws previously unserved customers, and speeds up the time it takes to get funding and conduct transactions. About 9% of MSMEs surveyed in developing countries by ITC depend on mobile payments for their cross-border e-commerce transactions, compared with a negligible share in developed countries.46 In Africa, 22% of MSME respondents reported using mobile money to complete such transactions.47 M-Pesa, a mobile payment application (Box 2), is now playing a major role in a number of developing countries for transactions in the payment of salaries and bills, retail distribution and transport. Money transfer services such as WorldRemit and TransferWise can also match people who want to make small foreign exchange transactions in one country with their counterparts in another country, drastically reducing the cost of transfers. These can be immensely important for SMEs in many developing countries. The ledger is shared among members of a network or supply chain.