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 Sees Increase in Mobile Payments
PayPal estimates it could process as much as $3 billion in mobile device payments this year, as e-wallet options continue to expand in an increasingly competitive field.
The San Jose, Calif.-based company, which originally expected to reach $1.5 billion in mobile payments, doubled its estimate as more smartphone users begin to use mobile platforms to purchase goods.
via Mobiledia.