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.
The Key Players in Mobile Payments in 2015
As it becomes clear that mobile payments will dominate peer-to-peer money transfers and point-of-sale transactions in the future, the battle for mobile payment market share is heating up.
Competition is stiff in this emerging market, and for good reason. The chart below illustrates the growth that is expected from mobile payments over the next few years, which is nothing short of impressive.
There are several key players in the battle for our mobile payment transactions. Let’s take a look at each one.
Read more, via ETF Daily News.