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.
Consumers Embrace Mobile Commerce Globally
Consumer engagement in mobile commerce has exploded, according to data from the Global Consumer Survey from MEF, a global community for mobile commerce and content.
As much as 91% of UK respondents have used their mobile device for commerce, to either research or purchase a product. The equivalent figure for Brazil is 79%, while the level did not dip below 72% in any of the markets surveyed. [Read more…]