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.
Mobile Payment Players to Watch in 2011
As consumers increasingly adopt smartphone technology and all the new app’s that go with it, mobile payment is becoming much more used and accepted, and companies including Google, Apple, and other smartphone players are providing mobile-payment enabling technologies such as near-field communications (NFC) into their devices, while other service like Foursquare and ShopKick are engaging consumers at the point-of-purchase locations like never before.
Editors at Advertising Age have done a round-up of some potentially hot product and services offerings for 2011, covering PayPal, Rightcliq, Square, iConcessionStand, and Zong.
“The rewards for savvy brands that build relationships with consumers on these new payment platforms go beyond just publicity and profit – it may just be a way to create meaningful relationships with consumers at the point of purchase and far beyond.”
More: Meet the Next-Generation Payments Systems Set to Drive Future Commerce.