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.
Apple Inc. is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal Inc.’s popular Venmo platform, according to people familiar with the talks. The talks are ongoing, and it is unclear if any of the banks have struck an agreement with Apple, these people said. Key details […]
Bitcoin and blockchain may be heading for a messy divorce, as support, cash and industry sway for the ledger technology continue to prise it away from the crypto-currency which brought it into the mainstream. Once inseparable, their paths have splintered into very different directions as the volatile crypto-currency is linked with pyramid schemes while the technology graces the covers of mainstream magazines.
In a January earnings call with investors, Apple Inc Chief Executive Tim Cook made a confident prediction: “2015 will be the year of Apple Pay,” he said. Since then, the company has aggressively courted retailers – and claimed significant success. “We’ve spoken to all of the top 100 merchants in the U.S., and about half will accept Apple Pay this year, with many more the following year,” a company spokesperson recently told Reuters.
Though person-to-person transactions occur daily, electronic P2P is only now beginning to realize its promise. New payment methods are allowing consumers to exchange money digitally, and various industry stakeholders, bank and nonbank alike, are scrambling for their share of this near-greenfield pie.
Mobile payment is a form of payment where an end-user can initiate a transaction using amobile device for goods and services through communication networks or technologies.Mobile payment allows consumers to use a mobile device to pay for goods and services instead of using cash, check, and credit/debit cards. It is also referred to as mobile […]
New 163-page report available from Research and Markets: Uberisation means applying the Uber business model in different sectors from healthcare to real estate and food delivery, as well as financial and legal services. It means meshing smartphones, dynamic pricing and dynamic supply to create a disruptive and delightful user experience. The mobile payment revolution will […]