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.
LG to Launch NFC European Mobile Payment System in 2012
LG Electronics has announced plans to launch an NFC mobile payment system in Europe in 2012, enabling consumers to pay for products and services using their smartphones. Near Field Communication (NFC) will be the dominant system for mobile phone payments by 2015 according to Frost and Sullivan.
Near field communication or NFC, is a short-range high frequency wireless communication technology which enables the exchange of data between devices over about a 10 centimeters (3.9 in) distance.
The technology is a simple extension of the ISO/IEC 14443 proximity-card standard (proximity card, RFID) that combines the interface of a smartcard and a reader into a single device. An NFC device can communicate with both existing ISO/IEC 14443 smartcards and readers, as well as with other NFC devices, and is thereby compatible with existing contactless infrastructure already in use for public transportation and payment. NFC is primarily aimed at usage in mobile phones.
via LG to launch European NFC mobile payment system in 2012 – Business News – Business Review Europe.
Additional sources: Wikipedia