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 Launch Mobile Payment Service
There are a number of companies getting involved in getting mobile phones to be able to make purchases and charge either your mobile phone bill or directly to your bank account.
Google is now planning to launch a new mobile payment service that will be based on Near Field Communication or NFC. This new service would provide the ability for people to make purchases with their mobile phones at retailers. To make a payment for the items being purchased, all a customers would have to do is wave their mobile phone or tap their mobile phone on a device at the register. These in store devices would also have the ability to slide a credit or debit card through them to make the purchase if not making a purchase with your mobile wallet.
via TechInsider.