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.
MasterCard and Telefónica Announce Mobile Banking Initiative for Latin America
MasterCard and Telefónica have announced a joint venture in the development of mobile financial solutions in twelve Latin American countries where Telefónica is present with the Movistar brand.
What is unique about this initiative is that it partners a payments company and a telecommunications company partner to create a new entity focused on integrating mobile phones and a financial solutions that will work with existing electronic payment systems. [Read more…]