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 Payments May Lower Server Tip Amounts
A study by innovation commercialization company &Innovation shows that widespread adoption of mobile payments by local coffee shops and restaurants could have the unintended consequence of decreasing the money waiters earn from tips.
The mobile payment apps were found to reduce “personal service moments” by reducing the time patrons spend queuing and paying. This means people feel less guilty when they don’t leave a tip, since they usually don’t need to look the waiter or cashier in the eye.
Read more, via: BDlive