Financial services institutions will need to make "significant infrastructure investment," particularly in value-added services if the mobile payment market is to take off, observed research firm Ovum.
Forty-three percent of all online banking activity in the U.S. now occurs on smartphones and tablets, according to the annual xAd/Telmetrics Mobile Path to Purchase Study.
Only 6 percent of smartphone owners used their devices to make point-of-sale purchases, based on a survey of 2,600 consumers conducted by GfK on behalf of the Federal Reserve Board in November.
One in four tablet users is predicted to pay bills via the device by 2017, according to a report by Juniper Research.
Mobile banking forms an essential component of the overall mobile commerce industry, wherein the two are closely interrelated. Empowering users to make account transactions whilst on the move, mobile banking enables supplementary mobile commerce actions to be undertaken as a function of a mobile wallet.
The number of mobile banking users will exceed one billion by 2017, up from 590 million in 2013, predicts a new Juniper Research report.
Bank of America has signed on to pilot Visa's V.me digital wallet to its online banking customers. V.me enables consumers to make real-world and online purchases via smartphone, tablet or PC.
Walmart is teaming with American Express for Bluebird, a new mobile banking and payment platform designed for lower-income consumers.
More than 10 million Bank of America customers are now using its mobile banking services, an increase of 3 million active users over the last 12 months. Bank of America offers native applications
Wannemacher Mobile is the new black: In 2011, the number of smartphone subscriptions in the U.S. grew by about 50 percent. Today, U.S. smartphone penetration is approximately 40