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 and Square to Partner for iPhone 5 Mobile Payments?
One of the most common iPhone 5 rumours is about Near Field Communication (NFC), the technology that allows mobile payments with a wave or “tap” of a device. Jack Dorsey, the founder of Twitter and mobile payment company Square, is now officially available in the iPhone store.
Radu Tyrsina at IT Pro Portal, “Square seems to be a pretty comfortable way to perform mobile payments. The device that one uses to perform the card credit swipe is a small square-shaped object that can be attached to an iPhone, iPad or other smart device to perform the transaction. This throws into doubt whether the iPhone 5 will come with NFC technology after all.”
via ITProPortal.com.