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.
Kuapay
Kuapay is a mobile payment application that lets users make purchases with a smartphone wherever credit cards are accepted.
Once the user has downloaded the free app and entered credit card information, they’re ready to start shopping. With a quick scan of your QR code, the bill is sent to the user’s phone and the payment is processed in seconds. The receipt is received shortly thereafter and can be viewed inside the user’s account. In the future, Kuapay will support NFC.
More information: Kuapay