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.
Why Google Wallet Will Own the Mobile Payment Space
Almost four months after Google first revealed its new mobile payments application, Google Wallet, the app is finally rolling out to the masses this week. Unfortunately, only a few smartphones – including the Samsung (SEO: 005930) Nexus S and Nexus S 4G – currently have the revolutionary chip built in. That’s why competitor services like PayPal, Square and the ISIS platform from Verizon, AT&T and T-Mobile are hoping to swoop in and corner the mobile payment market. And many experts are predicting that they could do just that. But they’re dead wrong!
I’m not convinced that any of these services can compare to what the Google Wallet platform has to offer. And here are three reasons why…
Read more, via Wall Street Daily.