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.
U.S. Bank now letting customers snap photos of their bills for automatic mobile payment | The Verge
By now, using your smartphone for check deposits has almost become old hat. U.S. Bank is looking to take the next step in conjoining gadgets and financial accounts with the launch of Mobile Photo BillPay. The feature, which the bank says is the first of its kind, lets customers snap a photo of a bill, after which all payment fields will automatically be populated with the proper information. The underlying technology has been developed by Mitek, with extracted data including the intended payee, address, account number and total amount due.
Read more, via The Verge.