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.
Denmark Proposes Legislation Leading Toward Cashless Society
In Denmark, more than 30% of the population uses MobilePay, a mobile app widely used to transfer money from phone to phone and pay for goods in retail stores. The Danish government is now considering a proposal that would allow retailers to reject cash payments and accept only mobile payments. According to Reuters, Sweden, Denmark and Finland have the highest rate of credit card payments per inhabitant in the European Union.
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