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.
Will Mobile Payment Company FaceCash Beat the Credit Cards?
A Silicon Valley company with a noteworthy founder has created a mobile payment system called FaceCash that it hopes will one day displace credit cards.
You might be tempted to write this off as too audacious. But consider this: The founder is Aaron Greenspan, the Harvard graduate who claimed in 2007 that his former schoolmate, Mark Zuckerberg, ripped off his work when Zuckerberg created Facebook. Greenspan settled a trademark lawsuit with Facebook and Zuckerberg filed in 2008 last year.
via VentureBeat.