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Consumers and Mobile Financial Services – Free Report

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.

3 Things to Know About Mobile Payments

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Mobile payment is super-hot—except with consumers. While about half of mobile users are comfortable using their phones for banking, only 13% have used their devices to pay at a restaurant or store, the Federal Reserve found. Just a third feel mobile payments are safe.

Over the next few years, though, you’re likely to see a shift: While in 2014 consumers made $4 billion of in-store purchases via mobile devices, Forrester Research expects that by 2019 that figure will swell to $34 billion. [Read more…]

Denmark Proposes Legislation Leading Toward Cashless Society

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In Denmark, more than 30% of the population uses MobilePay, a mobile app widely used to transfer money from phone to phone and pay for goods in retail stores. The Danish government is now considering a proposal that would allow retailers to reject cash payments and accept only mobile payments. According to Reuters, Sweden, Denmark and Finland have the highest rate of credit card payments per inhabitant in the European Union.
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Mobile Accounts for 27% of Online Payments Worldwide

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Mobile Payments IndexOnline payments made using mobile devices continues to rise globally, now accounting for 27.2% of the total online payments made in Q1 2015. This figure is up from 25.8% on the traditionally high online spending period of Q4 and up a massive 39% on the corresponding period last year, according to Adyen’s quarterly Mobile Payments Index (MPI), which tracks mobile payment data from web-based transactions across Adyen’s customer base. [Read more…]

Loyalty Programs Next Frontier in Mobile Payments

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Even as credit unions are figuring out the emerging space that is mobile payments, there already are glimpses of the next frontier — adding loyalty programs to mobile.

For years the concept of loyalty was simple: consumers used their credit and debit cards to make purchases and earned rewards by doing so. With the advent of mobile payments, however, suddenly the picture becomes much murkier. [Read more…]

1 in 5 Millennials Prefer Self Service Checkout via Mobile or Kiosk Payment

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Human cashiers may be losing their jobs, and technologies such as mobile payment and kiosk checkouts will gain ground as the next generation of consumers embraces new payment technologies.

According to a recent survey examining consumer self-service checkout adoption among brick-and-mortar retailers, “Almost a quarter of all millennials use self-service kiosks to avoid any sort of interaction with cashiers,” said Pat Dermody, President of Retale. “As a result, there is a growing demand for more automation and innovation throughout the checkout experience, via integrations with smartphones, wearables and other mobile devices. This will add to the convenience factor that already appears to be key to the experience.” [Read more…]

MCX CEO Dekkers Davidson Steps Down

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Dekkers Davidson, CEO of Merchant Customer Exchange (MCX), developer of the CurrentC mobile payment platform, is leaving the company. MCX has announced the appointment of financial services and payment industry veteran Brian V. Mooney as the company’s Interim Chief Executive Officer. Mooney succeeds Dekkers Davidson, who is leaving MCX to pursue other opportunities. The move comes on the heels of an increasing number of competitive players in the mobile payments field, and the recent announcement during Apple’s earnings call that Best Buy is poised to break from exclusivity with CurrentC and begin supporting Apple Pay. CurrentC merchants Home Depot and Acme also have plans to accept Apple Pay. [Read more…]