Mobile payment is a form of payment where an end-user can initiate a transaction using amobile device for goods and services through communication networks or technologies.Mobile payment allows consumers to use a mobile device to pay for goods and services instead of using cash, check, and credit/debit cards. It is also referred to as mobile money,mobile money transfer, and mobile wallet.
The report forecasts the global mobile payment market to grow at a CAGR of 36.26%, in terms of transaction volume, over the period 2014-2019. In terms of number of end-users, the market is expected to grow at a CAGR of 18.10% during the forecast period. [Read more…]
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.
The Payments Innovation Alliance of NACHA, The Electronic Payments Association has released a white paper, entitled “Leveraging the Mobile Channel for ACH Payment Innovation.” The white paper provides an overview of the mobile payments landscape and focuses on the use of mobile devices for ACH transactions.
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