Wednesday, March 26, 2014

Widespread Mobile Banking Trends Offer More Consumer Options

In addition to mobile payments, mobile wallet is another emerging app for financial institutions. Growing in popularity, mobile wallet allows the user to essentially pay for nearly anything using a smartphone versus cash, debit card or credit card. The wallet stores reward and discount information, acting like a payment system without the plastic.

Although currently mobile wallet can’t be found at many financial institutions, a study by Parks Associates says that by 2017 mobile wallet use will increase 183%, where almost over 43% of smartphone owners will be using the app.

From the article, "Widespread Mobile Banking Trends Offer More Consumer Options" by Gina Ragusa.

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