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.
Mobile Payments Need to Be More Secure, Says CS Prof
CYBER security experts say mobile payment technology is developing unchecked and it is time governments stepped in to ensure the system is safe for consumers to use. Adjunct professor of computer science at QUT, Bill Caelli, said big business was sacrificing security for convenience.
“We have an explosion of these types of products coming out which are based on providing payments and services on the smartphone,” he said. “It’s happening in a totally unregulated, laissez-faire, free-market environment.”
via Courier Mail.