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 Uplus to offer mobile payment service for Chinese customers
LG Uplus announced today that it will offer a new mobile payment service in China in collaboration with KB Kookmin Card and China Union Pay. When customers download Union Pay-branded mobile credit cards, they can make payments through near field communication (NFC) in China and Korea, starting in July, 2015.
Union Pay has set up the NFC payment terminal at more than 5 million stores in China. The cooperation with Union Pay is essential for entering the payment industry in China.
Read more, via Korea Times.