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.
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.
Read more, via Reuters.