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 Launches New P2P Payments Service
As a slew of companies from an expanding array of industries enter the P2P payments space, MasterCard today launched a P2P payments and disbursement service called MasterCard Send, a personal payments service that allows consumers to send funds domestically and internationally. According to the company, a single connection to the MasterCard Send platform allows businesses, merchants, governments, non-profits, issuers and others to send money to consumers whether they are banked or unbanked, and located domestically or abroad.
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