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.
Why Apple Pay Has Been Struggling in China
Apple has been courting banks in China since last year, trying to get them on board with the company’s new payment system, but so far most of that work has proved fruitless. UnionPay, the only bank allowed to make interbank bank payments in China, has yet to sign up for Apple Pay, and talks with eight other banks have gone nowhere as well. In a country that’s eager for Apple products this is especially troubling. Why all the pushback? According to MarketWatch, Chinese banks believe Apple is simply asking too much money for its mobile payment transactions. [Read more…]
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