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.
PXT Payments
PXT Payments is an electronic payments company facilitating transactions via mobile devices such as peer to peer, onsite POS, mobile merchants, and on the Internet.
PXT Payments was founded in early 2004 as a smart card debit payment system for local parking meters, garages and participating merchants.
In 2012, PXT Payments captured the mobile market with looped in, a smartphone application that expands the merchant-consumer relationship.
looped in is an electronic payment system that combines a mobile application with the transparency of a cash transaction. With looped in, consumers can transact both online and in line with PIN-based security, redeem offers as part of a transaction, send friends deals they’re not using and instantly send friends money.
looped in offers merchants features that strengthen customer loyalty, reduce risk and eliminate the complexities that come with other electronic payment methods. According to the company, it is a social payments product. Founded in 2004, PXT Payments has been processing electronic payment transactions since 2005.
More information: PXT Payments