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 Reports 310% Increase in Mobile Shopping on Black Friday
As iPhone, Android phones, and other smartphone sales take off, online shopping is showing a commensurate move to the mobile platform.
PayPal has released figures for Black Friday shopping sales, showing about 27% increase in overall Black Friday 2010 sales volume versus 2009 figures.
Even more notable, the company reported over 300% increase in mobile shopping for the same period versus the previous year.
Other data of interest:
- The company reports that figures show the shopping season began on Monday, November 15, 2010.
- Most popular Black Friday shopping time: 9:00 a.m. to 10:00 a.m. PST.
- Black Friday 2010 total payment volume was 21% higher than Thanksgiving 2010 volume.
The PayPal numbers are a good indicator of overall trends, as PayPal processes 16.5% percent of U.S. eCommerce and 15 percent of global eCommerce.
Source: Business Wire