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.
PayPal Looks for Growth Opportunities in Mobile Payment
PayPal’s growth is outstripping parent company eBay’s, due in part to the rapidly expanding mobile payment business. The company expects about $700 million in mobile transactions this year, though the amount still represents only about 1% of PayPal’s total transaction volume. Currently PayPal is working several angles of mobile payment, including a partnership with Bling Nation.
via NYTimes.com.