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.
Fortumo
Fortumo is an international mobile payment provider. The company offers various mobile payment solutions for web services and mobile applications. Fortumo services allow customers to make mobile payments in more than 70 countries on six continents, with a strong focus on emerging markets.
Fortumo started in 2007 as a spin-off of the mobile services company Mobi Solutions, and currently employs over 60 people in its offices in Tartu, Estonia, San Francisco, CA and Beijing, China. As of March 2013, over 82 thousand developers have signed up to Fortumo’s services. [Read more…]
Mobile Payment Strategies Report: Opportunities & Markets 2011-2015
A new study from Juniper Research has determined that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670bn by 2015, up from $240bn this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
The new Mobile Payment Strategies report revealed that all segments will exhibit 2x to 3x growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. [Read more…]
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