Mobile Payment Magazine

Consumers and Mobile Financial Services – Free Report

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 Enter A Disruptive Phase 2011

April 19, 2011 by Mobile Payment Magazine

While Near Field Communication has created a lot of buzz in the mobile payment industry, it is clear that there remain significant hurdles before the technology is standard in U.S. mobile commerce.

Forrester Research recently published a report: “Mobile Payments Enter a Disruptive Phase,” excerpted below:

The pace of innovation in mobile payments is accelerating. 2011 is finally the year when Near Field Communication (NFC) will reach the hands of millions of consumers, while initiatives in the digital micropayment arena are accelerating.

While we believe that mass-market adoption of mobile payments is still years away, new entrants — be they mobile operators, alternative payment providers, or online players — have the potential to disrupt existing payment systems. Consumer product strategy professionals should anticipate different disruptive scenarios and determine the likelihood of them happening.

To define the correct strategy, be it defensive or offensive, they need to measure the convenience of their new products and services. And, at a tactical level, they shouldn’t underestimate the need to educate consumers about new payment methods.

Table of Contents

Making Sense Of Mobile Payments
Mobile Payments Are Disrupting The Existing Payments Landscape
Mobile Payments: What Product Strategists Should Anticipate

Recommendations

Anticipate Different Disruptive Scenarios And Think About Convenience
Supplemental Material
Related Research Documents

More information: Forrester Research.

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