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.
3 Things to Know About Mobile Payments
Mobile payment is super-hot—except with consumers. While about half of mobile users are comfortable using their phones for banking, only 13% have used their devices to pay at a restaurant or store, the Federal Reserve found. Just a third feel mobile payments are safe.
Over the next few years, though, you’re likely to see a shift: While in 2014 consumers made $4 billion of in-store purchases via mobile devices, Forrester Research expects that by 2019 that figure will swell to $34 billion.
TIME magazine explores mobile payment technology, summing it up with: easier to use, safer than plastic, but not widely accepted.
Read more, via TIME.