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.
Wells Fargo to Test Mobile Payments with DeviceFidelity Technology
During the first half of this year, Wells Fargo will test mobile payments with 200 employees. With DeviceFidelity’s technology, employees can use their existing BlackBerrys or iPhones to make payments at a number of fast food restaurants and retailers.
via BusinessWeek.