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.
Zong
Zong allows quick payments for online good via mobile phone.
From the customer side, when it’s time to pay for something online, the customer just clicks the Zong button. A payment screen will pop up, where the customer enters a mobile number. Zong sends a secure PIN code, which the customer enters online, and the transaction is complete.
Merchants
Best for purveyor of virtual currency, sellers of virtual goods, or digital content publishers, Zong features direct connections with carriers around the world. With no middlemen, Zong provides high-availability payment services and competitive pricing.
More information: Zong
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