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.
Progress in Mobile Payment Standards for Convenience Stores and Gas Stations
In the works for over a year and a half, documents attempting to standardize the mobile-payment process at convenience stores and gas stations are officially seeing the light of day, entering a 60-day public-review phase, according to members of the NACS technical body called Conexxus. [Read more…]