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.
Samsung Pay Will be Huge Driver for Mobile Payment Adoption
According to a report by Business Insider, Samsung Pay will spur the growth of mobile payments because the company’s recent acquisition of LoopPay makes the new Samsung Pay service compatible with the existing base of payment terminals in the United States.
Samsung Pay will replace Samsung Wallet, which is terminating June 30 of this year, as the company announced on its website: “Unfortunately, the usage rate of Samsung Wallet was not what anyone expected. One of our company’s core values is to guarantee the best user experience. We feel today that we can no longer guarantee this experience. This is why we have officially decided to discontinue Samsung Wallet.”
Other findings of the BI report include:
Mobile payment volume for 2015 will be about $37 billion — lower than previous estimates because of late launches of some major mobile wallets
Mobile volume will reach $808 billion by the end of 2019
Competitive pressure will be a large driver of mobile payment adoption
Read more, and access the full report (with trial subscription) via Business Insider