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.
DeviceFidelity
DeviceFidelity solution suite works by simply plugging into a customer’s mobile device. Issuers don’t need to change a thing, allowing them to offer a simple contactless function to their customers.
Once activated, the customer taps any merchant’s contactless terminal with the phone. Transactions are conducted and approved over existing contactless networks utilizing the networks approved standards. Issuers can rely on their preferred networks for security, speed and reliability.
The entire user experience is controlled by the issuing financial institution and allows the issuer to offer value added services on top and connected to the contactless function.
Open Application Platform
DeviceFidelity provides a portable application distribution platform that is designed to integrate with current and future issuer applications.
- Open API for application integration.
- Simple web based design for platform independence.
- Updateable through mobile web or PC.
- Fully customizable user interface.
More information: DeviceFidelity
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