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 Trends for 2011: Survey Results
Mobile Payments Magazine launched in response to the tremendous interest in mobile payments and commerce in 2010, and based on a recent survey of executives in the industry, mobile payments is predicted to be a breakout category in 2011, followed by mobile commerce, mobile advertising, and mobile coupons.
According to the survey respondents, the big winners in this trend would be credit card companies such as Visa and MasterCard, followed by wireless operators, and eventually companies like Google, PayPal, and smartphone makers. Bringing up the rear were startups, though the makeup of the respondents should be considered (categories are shown in the survey).
Executives surveyed thought that Google and Microsoft would make the biggest acquisitions, and more than 90% of those surveyed believe mobile advertising spending would increase by more than 100%, with about 55% putting that number at a 200-300 percent increase.
The survey results include dozens of questions and 24 charts and graphs to illustrate the results. It was conducted by consulting company Chetan Sharma.
More information: 2011 Mobile Industry Predictions Survey Results.
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