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.
How to Ensure Secure Smartphone Mobile Payments
Whether you’re a consumer, developer or investor delving into mobile payments technologies for personal or professional use, There are a number of important factors to consider when evaluating mobile payment technologies in the coming year.
Here’s your cheat sheet for owning your mobile transaction financial health. Ensure that your credit card information is:
- Only sent to the venue’s POS system, rather than passing through third party services
- Only stored on your phone, where it’s safest, and not in the cloud
- Always encrypted when it is sent to the POS system, where the transaction is taking place
Read the full article, via CNN.