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 Pay Plans November 2015 Launch in Canada
Apple Pay is planning to launch in Canada in November, 2015, and is currently in negotiations with six of the countries largest banks, which hold over 90% of retail accounts there. Canada is a particularly attractive market for Apple, because the company holds 34% of the Canadian smartphone market according to Catalyst, and many retail stores are already set up for contactless payment. A final deal has not yet been reached, however, because the banks are concerned about Apple’s fees, and security issues, according to the Wall Street Journal.
Read more, via WSJ and Catalyst Canada.
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