Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Today, Google unveiled Android Pay, which will enable MasterCard credit, debit, prepaid and small business cardholders to use their Android phones for everyday purchases in-store and within Android apps.
A number of signs point toward Google unveiling a broad new mobile payments platform called Android Pay at its I/O developer conference Thursday in San Francisco. The platform is likely to integrate tightly with Google’s Android mobile operating system, and may exceed the functionality of its chief rival, Apple Pay, in some ways.
SimplyTapp, PromptNow and TIS have created the Asian Payments Cloud initiative to bring the first end-to-end, cloud-based payments solution to the banking and financial services community in the APAC region. The offering allows financial institutions and card issuers to provide a better customer experience to their growing customer segment of Android users by enabling them to use their devices for proximity payments and other real-world transactions.
The mobile payment market worldwide continued rapid growth in 2014, according to a new report by Hamburg based secondary research company yStats.com. The publication, “Global Mobile Payment Methods” discloses that while competition in the mobile payments field has intensified worldwide, acceptance and usage of in-store mobile payments and the preferences of shoppers towards payment methods in remote M-Commerce differed from country to country. A general trend is the lingering concern of consumers towards security of mobile payment transactions.
A recent report by Mary Monahan, Javelin Strategies’ Executive Vice President and Research Director, Mobile, analyzes the U.S. mobile proximity payment market, covering payments made by consumers using a mobile device at a merchant’s physical location. Three years of actual historical data and a five-year forecast are provided. By 2019, it is projected that mobile proximity payments will total $54 billion.
The Federal Reserve Banks of Boston has released a report based on the recent Mobile Payments Industry Workgroup (MPIW) meeting to discuss (1) different wallet platforms; (2) how card networks and other payment service providers manage risks associated with converging digital and mobile channels; and (3) merchant strategies around building a mobile payment and shopping experience.