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.
Asia-Pacific Mobile Payments to Double in Five Years
Mobile payments (m-payments) in Asia-Pacific are expected to record transactions worth more than two-fold from 2009 revenues of US$1.6 billion in five years, according to Frost & Sullivan. The company estimates that in 2015 m-payments could exceed billings of US$3.6 billion at a CAGR (compound annual growth rate) of 14.8 percent (2010-2015).
Frost & Sullivan industry analyst Shaker Amin attributes this growth to technology innovations and operators’ initiatives – particularly with NFC (Near Field Communication) – as well as rising consumer demand in both the developed and emerging markets.
New analysis from Frost & Sullivan, 2010 Asia-Pacific Mobile Payments Outlook – 18 Asia-Pac nations including Japan, finds that contactless payments via the NFC channel will increase in popularity to account for 23 percent of all m-payments in 2015, from only 12 percent last year.
via Frost & Sullivan