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 Mobile Payments – $4 Billion in 2011
If you need one example that epitomizes the massive potential in mobile payments, you need only look at PayPal.
The online payment company racked up nearly $4 billion worth of mobile payments last year, a huge jump from $750 million in 2010.
Read more, via VentureBeat.
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