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.
Mobile Money: An Analysis of the Current Playing Field
Mobile Money falls into three categories:
- Mobile Remittance – Both domestic and international movement of value via mobiles.
- Mobile Information – Almost exclusively limited to bank accounts one holds or has access to.
- Mobile Payment – Authorization of payment for goods or services via 3rd party Debit / Credit systems – “the cards in your wallet on your mobile”
Mobile Payment is the utopia – But will any of these become common place? If so which and if not why not?
via GLG News.