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.
MasterCard Demonstrates Google Wallet for Mobile Payments
MasterCard demonstrated the Google Wallet application, which is scheduled to launch soon. Running on Sprint’s Nexus S 4G — with a planned expansion to multiple devices — users can connect a Citi MasterCard account to the service, and tap-to-pay at any retail location outfitted with a PayPass station.
The transactions take place as instantaneously as you’d expect, with spending alerts notated automatically in-app, as well as via text message. Currently, the Google Wallet service is Android-only, and that’s probably a direct result of the AT&T, Verizon and T-Mobile backed mobile payment rival, ISIS.
Read more, via Engadget.