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 Introduces Mobile to Mobile NFC Money Transfers
PayPal introduced its money transfer widget at the MobileBeat technology conference in San Francisco on Wednesday. PayPal’s new widget uses Near-Field Communications technology, which lets you pay for purchases with a wave of your smartphone.
PayPal’s widget allows for money transfers between two NFC-enabled phone holders. Say you want to transfer money to another PayPal user. They’ll request a specific amount of money from you on their phone, and after you tap your NFC-enabled phones together, the cash transfers from your PayPal account to the other.
Read more, via Wired.com.