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 Payment Service Fee Structures
The top mobile payment systems all work very similarly, but carry different fee structures. Each one charges a percentage per transaction and sometimes a flat fee per use. For example, mobile payment company Square charges 2.75% for a transaction that uses the swipe accessory. For transactions that are keyed in manually, Square charges 3.5% and a flat fee of $.15. PayAnywhere always charges a flat fee of $.19 per transaction but lowers its cut to 2.69% for swiped purchases and 3.4% for those keyed in manually.
Read more, via Detroit Free Press.