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.
MyCheck
MyCheck is a technology platform that enhances the merchant and user experience in hospitality via POS integrations. MyCheck allows restaurant groups and chains to own their own customized and branded mobile experience, either inside an existing app or in a new app that the company will develop for the brand. The platform is modular, so the operator chooses which functionalities to incorporate – pay-at-table, pay-at-counter, loyalty, CRM outreach, order ahead, delivery, etc. It integrates with more than 27 POS systems.
After implementing the technology, merchants end up with not only a simplified and faster payment process, but more importantly, they discover powerful new ways to engage with their customers and deliver better customer service. Popular with restaurants, MyCheck lets customers settle and split the bill between friends, order a takeaway and even leave a tip without waiting for service staff.
In March, 2015 MyCheck received a $5M investment from Santander Innoventures Fund in return for an equity stake in the business. The investment kicks-off MyCheck’s Series B funding round.
For more information visit MyCheck