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 Money Network Announces UK Service, “Simple Tap”
The Mobile Money Network (MMN) has announced what it calls “a common sense approach to buying products and services via a mobile phone.” Dubbed “Simply Tap” the company says, the system will allow consumers with any mobile phone, on any mobile network and with any bank to buy anything from the retailers signed up to the service, wherever they are. [Read more…]