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.
MXit Enters South Africa Mobile Payment Arena
Stellenbosch, South Africa’s MXit signed an exclusive agreement for IM providers with wiWallet to bring mobile payment services to all of MXit’s active users.
wiWallet is a subsidiary of UCS Group Limited, the largest provider of retail software within South Africa, where the Group services 95% of South Africa’s top retailers.
This agreement will enable MXit to bring mobile payment services to its active user base of approximately 10-million strong in South Africa within the 2nd quarter of this year.
via MyBroadband News.