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.
The Ins and Outs of Remote Payments
Analysts and business owners alike seem to agree that the mobile payment market is up and coming. Each day more and more retailers and service providers are looking for new and different ways to get customers in the door, onto their website, or interested in their services. While there are several ways to accomplish all of these, many analysts agree that offering consumers new and fresh ways to pay is one way to draw them in.
Debit cards and credit cards, simply put, have changed the way people pay for things, and now the advent of mobile technology is further altering the business landscape. Cash is becoming an old commodity. Credit, debit, and mobile payments are the wave of the future. With that being said, many people still don’t truly understand what mobile payments are, and what benefits they offer consumers and business owners alike. To take advantage of the wonders of remote payments, one needs a crash course: consider it Remote Payments 101, a quick and simple way to understand the process and benefits of remote payments. [Read more…]
Why More Industries Should Go Mobile
Even as late as just a few years ago, having a “dot com” for your business was the best way to attract customers. There is no doubt about it, however, that going mobile is now the way to get more business. In this age of smartphones and tablets, being able to take your business mobile is a small obstacle, but one that is absolutely worth the effort.
The U.N. telecom agency estimates that there are currently over 6 billion cell phone users on this planet, and, in 2012, there were over 35 million iPhones sold just in the second quarter. And these are only Apple’s statistics. Imagine how many other smartphones and tablets are now in the hands of tech-savvy users? Just from 2012 to 2013, there has been an almost 10% increase in people using mobile devices to view and use Internet services. This, coupled with a nearly 300% increase in mobile device traffic on the Internet, definitely shows in which direction Internet business is going. [Read more…]