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.
Report: Industry Perspectives on Mobile/Digital Wallets and Channel Convergence
The Federal Reserve Bank of Boston[1] has released a report based on the recent Mobile Payments Industry Workgroup (MPIW) meeting to discuss (1) different wallet platforms; (2) how card networks and other payment service providers manage risks associated with converging digital and mobile channels; and (3) merchant strategies around building a mobile payment and shopping experience. [Read more…]
Walmart Tests iPhone App for Scanning Purchases for Checkout
Wal-Mart Stores Inc is testing a system that would allow shoppers to scan items using their iPhones and then pay at a self-checkout counter, a move that could trim checkout times and slash costs for retailers.
If the "Scan & Go" test by the world’s largest retailer is successful, it has the potential to change the way people shop and pay, making the process more personal and potentially faster.
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