Consumers and Mobile Financial Services 2013

Citation
Board of Governors of the Federal Reserve System, Consumers and Mobile Financial Services 2013 (Mar. 2013) (full-text).

Overview
The Board conducted a second survey in late November 2012 to examine trends in adoption and use of mobile banking and mobile payments. Key findings of the survey include:


 * Mobile phones and mobile Internet access are in widespread use
 * The ubiquity of mobile phones is changing the way consumers access financial services
 * Mobile phones are also changing the way consumers make payments
 * Perceptions of limited usefulness and concerns about security continue to be the main impediments to the adoption of mobile financial services
 * Smartphones are changing the way people shop
 * Mobile phones are prevalent among unbanked and underbanked consumers.