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.
Banks Feeling Threat of Alternative Mobile Payment Providers, Says Report
Faced with growing competitive threats from non-traditional sources, such as alternative payment providers, banks around the world have aggressively swung their attention to emerging mobile platforms to defend their payments revenues, according to a new report from KPMG International.
Adding to the urgency, 84 percent of banking and financial services (FS) executives said mobile payments will have significant importance to their business within the next one to four years. Furthermore, 73 percent suggested that mobile payments would be mainstream within the next four years. [Read more…]