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.
Sweden is the Most Cashless Society in the World
Today, Sweden is the most cashless society in the world. Over 95% of transactions are digital. There are four different mobile-payment commerce platforms in use.
Payments can be made in supermarkets by scanning the QR code on an item via the Seamless app, or with WyWallet, the software created jointly by the country’s biggest mobile phone operators.And Swish, a joint venture between Sweden’s major banks, allows users to transfer money via mobile phone – handy when splitting restaurant bills, for example. And Swish, a joint venture between Sweden’s major banks, allows users to transfer money via mobile phone – handy when splitting restaurant bills, for example.
Read more, via Gemalto.