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.
LevelUp
LevelUp is an American mobile payments platform created by Boston, Massachusetts-based start-up SCVNGR. The LevelUp mobile application uses QR code technology to allow for mobile transactions to be made at local businesses via iPhone, Android and Windows phones.
LevelUp was initially launched in March 2011 and operated for its first 3 months as a daily deals platform. In July 2011, LevelUp shifted away from the daily deal space to focus exclusively on their mobile payments solution.
The LevelUp mobile application for iPhone, Android and Windows Phone allows registered users to securely link their debit or credit card to a unique QR code displayed within the app. To pay with LevelUp, users scan the QR code on their phone at LevelUp terminals located at local businesses who accept LevelUp as a form of payment.
Many merchants that accept LevelUp as a form of payment also offer monetary savings to users. Users are given “First-Time Visit Specials” the first time they make a transaction at the merchant’s location. Users can also unlock “credit” to a merchant’s store after spending a certain amount at the merchant’s location. Currently LevelUp is available at businesses in the Boston, Chicago, Washington DC, Northern Virginia, Philadelphia, St. Louis, New York City, Atlanta, San Francisco, San Diego, Minneapolis and Seattle areas.
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Source: Source: Wikipedia, licensed under CC BY 2.0
http://en.wikipedia.org/wiki/LevelUp