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.
T-Mobile’s Mobile Payment Plan Risky, Says Consumer Group
Earlier this month, T-Mobile announced that it will soon launch a new service that will enable its customers to purchase digital content using their smartphone, PC, or tablet and bill it to their phone accounts. T-Mobile’s announcement is just the latest development in emerging mobile payment services that raises concerns about whether consumers will be protected from fraud or merchant mistakes, according to Consumers Union, the nonprofit publisher of Consumer Reports.
“Mobile payment products promise a new, convenient way to pay but consumers could end up losing money if something goes wrong with their transaction,” said Michelle Jun, Senior Attorney for Consumers Union. “Consumers need to be protected in the event of a billing error or if the goods they order aren’t as promised or if they become victims of fraud. Mobile payment services like the one being launched by T-Mobile could put consumers at risk and fail to provide the protections they deserve.”
Read more, via Consumers Union.