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.
Mobile Payment for iPhone to Launch in South Korea
South Korea’s telecom titan KT Corp. said Monday that it will roll out a new service for Apple Inc.’s iPhone, which will turn the smartphone into a mobile wallet for wireless financial transactions.
The country’s second-largest mobile operator plans to introduce a new smartphone case for the iPhone based on near field communication (NFC) technology, which allows a wireless exchange of data within a 10 centimeter range, it said. The NFC case will enable users to make credit card payments or pay subway fees by simply waving their iPhone over an electronic reader, KT said.
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