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.
Nokia Launches Mobile Wallet in India
The Finish mobile giant has launched its Nokia Money service. The service saw pan-India launch and can be used on any mobile. The Nokia Money platform allows you to do number of financial transactions such as payments for utility bills, tickets, top-ups and insurance premiums that can be conducted on the mobile phone itself.
You can register for the Nokia Mobile by registering with a local Nokia outlet and depositing cash there. From there your cash will be converted in to digital cash and you can avail the service through SMS.
Read more, via MSN India.