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 to Integrate NFC in “Gingerbread” Android OS
Google CEO Eric Schmidt has indicated that the coming “Gingerbread” Android release will have integrated Near Field Communication (NFC), which will allow for interaction with hardware devices, and may well lead to a revolution in proximity payment processing via mobile phones, and a new boom of mobile payment startup companies. Schmidt made his comments during the Web 2.0 conference in San Francisco earlier today.
Using “tap and pay,” says Schmidt, the theory is that you will be able to walk into stores and do commerce, and eventually replace credit cards.
“Ultimately the technology is personal, secure, and an aggregating technology,” according to Schmidt. Google would expect to partner with payment processors, and the credit card industry believes the losses will be a lot less than with standard credit cards, he added.
View the full interview here:
You must be logged in to post a comment.