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 in Talks with Banks to Develop Mobile Person-to-Person Payment Service – Update – NASDAQ.com
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 remain in flux, including technical aspects that would determine how the service would tie into the banking industry’s existing infrastructure, they said.
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