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.
Singapore to Develop NFC Mobile Payment System
The Infocomm Development Authority of Singapore has issued a Call for Collaboration (CFC) to accelerate the proliferation and adoption in Singapore of mobile payment services using Near Field Communications (NFC) technology, a secure form of short-range wireless technology built on open standards.
With NFC, consumers can use their phones to make a wide variety of payments, including credit card payments as well as most CEPAS e-payment services using FlashPay and ez-link cards, simply by holding the phone in front of card readers.
The CFC would be awarded by June, 2011, and the target date for commercial rollout of the NFC payment system is February, 2012.
via AsiaOne Business: Get ready to pay with your mobile phone.