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.
New Report Focuses on NFC and Mobile Payments Landscape
There is much buzz around the growth of mobile payments in the United States, with predictions that it will hit $214 billion by 2014, according to Aite Group. But which of the many possible approaches — including integrated NFC, non-integrated contactless, bar codes, cloud-based solutions, and text messaging — is the best choice?
The Smart Card Alliance today released a white paper entitled, “The Mobile Payments and NFC Landscape: A U.S. Perspective.”
The white paper provides an overview of the current state of the market for mobile payments and NFC-enabled payment applications in the U.S., and evaluates the advantages and disadvantages of different mobile payment approaches.
“Technology is always changing, especially within the mobile and payments industries, so it is difficult to predict when and how mobile payments will become commonplace in the United States,” said Randy Vanderhoof, executive director of the Smart Card Alliance. “The goal of this white paper is to help industry stakeholders understand the current mobile payments landscape, anticipate how mobile payments are likely to change, and appreciate the opportunities that mobile payments, and particularly NFC-enabled mobile contactless payments, present.”
Some of the topics covered in this snapshot of mobile payments include:
- A description of the different types of mobile financial applications in use today
- Discussion of the different mobile payments approaches with implementation examples
- A summary of the merchant, consumer, issuer, and mobile operator requirements for NFC mobile proximity payments and the attendant benefits
- An update on the status of Near-Field Communications (NFC) mobile proximity payments infrastructure
- Evaluation of how different mobile payment approaches fulfill overall market requirements
Payments Council members involved in the development of this white paper included: Accenture; American Express; Apriva; Bank of America; Capgemini; Capital One; Connexem Consulting; CPI Card Group; Datacard Group; DeviceFidelity; Discover Financial Services; Gemalto; Giesecke & Devrient; Heartland Payment Systems; Infineon Technologies; INSIDE Secure; JPMorgan Chase; LTK Engineering Services; MasterCard Worldwide; NACHA; NagraID Security; NXP Semiconductors; Oberthur Technologies; Quadagno & Associates; Thales e-Security; WatchData Technologies USA; VeriFone; Visa Inc.; ViVOtech; and Mike Kutsch; Dale Laszig; and Chandra Srivastava.
Source: MarketWire
2010 Mobile Banking Scorecard Research Report
Javelin Strategy and Research has released its 2010 Mobile Banking Scorecard: How 19 Top Financial Institutions Compare on Mobile Channel Retail Delivery. The survey presents an overview of mobile banking services offered by 19 of the 30 largest U.S. financial institutions (FIs) based on deposits. The survey covers five key areas of mobile banking: marketing and security messaging, mobile access, general features, short message service SMS features and security.
As part of the data collection process, mystery shoppers also were employed. They searched each FI’s website and contacted each FI’s customer service representatives CSRs a minimum of four times. Of the 30 FIs researched and contacted in June and July 2010, 19 offer mobile banking services to their customers.
When scoring the FIs, Javelin reviewed a total of 47 criteria. Based on a quantitative analysis of the criteria, FIs were awarded either a gold, silver or bronze status. This report further includes a profile of Bank of America.
More information or to download a report summary: Javelin Strategy – 2010 Mobile Banking Scorecard.