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.
PayNearMe: Cash-based Mobile Payments
How does a cash-based remote payment platform work? And how in the world do you pay with cash using your cell phone? Companies like Square and Intuit have taken a fairly literal approach to mobile credit card payments by creating hardware that turns your mobile device into a credit card scanner, but you can’t exactly do the same thing for cash.
Danny Shader’s company, PayNearMe, proposes the next-best thing. The platform allows users to proceed through a typical online transaction, but instead of paying with a credit card or electronic check, they receive a receipt (they can receive it on their phone or print it out directly from their computer), which they can take to their nearby 7-11 to pay with cash.
via Vator.tv.