Federal Reserve survey provides information on mobile financial services

by Sabrina I. Pacifici on March 27, 2013

News release: “The use of mobile phones to access a bank account, credit card, or other financial account became more prevalent in the Unites States last year, according to the Federal Reserve Board’s latest report on the use of mobile financial services. As of November 2012, 28 percent of all mobile phone users and 48 percent of smartphone users had used mobile banking in the past 12 months. This is a significant increase from 21 percent in December 2011 for mobile phone users and 42 percent for smartphone users. While relatively less common, the use of mobile phones to make payments at the point-of-sale increased threefold over the same period, with 6 percent of smartphone owners having used their phone to make a purchase. The Federal Reserve Board completed its first Survey of Consumers’ Use of Mobile Financial Services in December 2011, and released a summary report in March 2012. The Board conducted a second survey in late November 2012 to monitor trends in the use of mobile financial services, and to understand how the rapidly expanding use of this technology affects consumer decision making and the overall economy.”

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