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.
Starbucks Stunning Quarter Due in Part to Mobile Payments Loyalty Program
Due in part to its Mobile Payments and Loyalty program, Starbucks reported a stunning 2015 First Quarter profits, with an 18% jump in revenue to $4.6 billion, to beat expectations while profit jumped 16 percent.
Last quarter, a record 1.3 million new members enrolled in the Starbucks loyalty program, which includes mobile payment, to bring total active sign-ups to 10.3 million.
Breakfast sandwiches and other food items also were strong, with breakfast sandwiches in particular recording a 35% year-over-year growth.
Read more, via Slate.