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 Accounts for 27% of Online Payments Worldwide
Online payments made using mobile devices continues to rise globally, now accounting for 27.2% of the total online payments made in Q1 2015. This figure is up from 25.8% on the traditionally high online spending period of Q4 and up a massive 39% on the corresponding period last year, according to Adyen’s quarterly Mobile Payments Index (MPI), which tracks mobile payment data from web-based transactions across Adyen’s customer base. [Read more…]
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