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.
Verrus Mobile Payment
Founded in 2000, Verrus was an early pioneer in pay by phone services beginning with North America’s first pay by phone parking installation in 2001, and the “OrderUp” mobile phone food and beverage ordering system used at Safeco Field launched in the Summer of 2005.
Today, the company’s service is available in over 90 cities and towns throughout North America and Europe making it the most widely-used pay by phone system. Using state-of-the-art IT infrastructure supporting payments via SMS, IVR, and Web, Verrus processes millions of transactions each year.
More information: Verrus Mobile Payment.