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 Alibaba for Apple Pay in China
During a recent visit to China, Apple CEO Tim Cook said Apple is moving forward with talks to roll out Apple Pay in partnership with regional banks and perhaps e-commerce giant Alibaba Group.
Cook told China’s Xinhua news agency that Apple is actively negotiating with financial institutions to bring Apple Pay to Chinese consumers, reports Reuters. “We very much want to get Apple Pay in China,” Cook said. “I’m very bullish on Apple Pay in China.”
Read more, via: Apple Insider