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.
Square Lowers Merchant Transaction Fee
As competition to sign up merchants heats up, mobile payment company Square has announced it will drop the $0.15 transaction fee that it had been charging customers. There will still be a charge ofz 2.75% of the transaction cost, but Square’s biggest competitor, Intuit GoPayment, currently charges 2.7% plus $0.15 per transaction, or 3.7% plus $0.15 if the credit card is entered manually.
via Business Insider.