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.
Indian Banks Introduce Instant Mobile Retail PaymentsIndi
A new mobile retail payment system backed by some large banks in India will allow fund transfers between different banks and the use of SMS to make transactions from even low-end phones — features that are expected to make the system popular with consumers.
Because the Interbank Mobile Payment Service IMPS from National Payments Corporation of India NPCI can support transactions from even low-end phones, the service will be accessible to a larger number of Indian consumers, A.P. Hota, managing director and CEO of NPCI, said on Tuesday.
via Indian Banks Introducing Instant Mobile Retail Payments – PCWorld.