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.
Google Acquisition of Motorola Mobility May Speed Mobile Payment Plans
With Google’s announcement of its agreement to acquire Motorola Mobility Holdings, the search giant has potentially turbocharged its mobile payment plans.
Where before, the Google Wallet was only set up to work with the Sprint Nexus S phone (most other telecom providers have joined the ISIS mobile payment consortium), now Google will be able to design, manufacture and distribute its own phones, presumably with Google Wallet software and mobile payment technology preloaded
Read more, via On Wall Street.