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.
Rabobank to Implement Commercial Mobile Payment in Netherlands
Rabobank, one of the largest financial institutions in the Netherlands, is collaborating with Giesecke & Devrient (G&D) in the launch of a commercial mobile payment solution. The cooperation between Rabobank and G&D will enable consumers to have contactless payment products available in smartphones that support Near Field Communication (NFC) technology. The launch of the mobile payment solution is targeted in the Netherlands for 2014.
For the first time in the Netherlands, consumers can use their smartphones in this commercial mobile payment project based on NFC technology. Rabobank and Giesecke & Devrient have already started their collaboration, and in 2014 customers will be able to pay using their smartphones via NFC in all stores equipped with contactless point-of-sales terminals. [Read more…]