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.
FIME Accredited by Visa to Deliver VMPA Testing
Advanced secure-chip testing company, FIME, has been accredited by Visa to deliver Visa Mobile Payment Application (VMPA) testing. This extends FIME’s existing Visa payment card and terminal testing portfolio to also include the validation of a Visa payment application on a secure element (SE).
VMPA is a secure applet that resides in the SE and transforms an NFC phone into a payment device, enabling consumers to pay for low cost goods and services by waving their smartphone in front of a contactless payment terminal. [Read more…]
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