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 Ships Phones With Banking Application in India
Nokia has started shipping mobile phones in India that are preloaded with its banking application, in a bid to popularize mobile banking in the country.
India is the first market where Nokia is preloading the Mobile Money client on its phones, a company spokeswoman said on Monday.
Nokia has already teamed up with Union Bank of India, and Yes Bank, and rolled out a mobile banking service based on the Obopay mobile payment platform, on a revenue-sharing basis.
Read more, via PCWorld.