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.
Google NFC Mobile Payment System Announcement May Come This Week, Says Analyst
Susquehanna Financial Group analyst Marianne Wolk believes Google could unveil a mobile-payment system, based on near-field communication (NFC), at Mobile World Congress this week. The conference is being held in Barcelona, Spain from February 14-17, 2011.
“We see several challenges to Google as a mobile-payment platform. Merchant acceptance is critical, and even with a well-connected merchant acquirer such as First Data or GPN, merchants are reluctant to adopt an offering that is not an industrywide standard,” Wolk wrote in a research note Feb. 14, 2011. Google declined to comment.
via eWeek.com.