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Wednesday, March 26, 2014

Fed Survey: Mobile Banking Continues to Grow

Mobile banking and payments continue to gain ground, according to a Federal Reserve survey. One-third of cell phone users surveyed in December 2013 reported using mobile banking services in the previous year, up from 28% in 2012. More than half of smartphone users reported using mobile banking, up three points from the year before.

Meanwhile, mobile payments expanded threefold, with 17% of smartphone owners reporting using their phone to pay at the point of sale in the previous year.

The Fed survey found that the most common mobile banking activities are balance inquiries, transaction verification and funds transfers. Additionally, 38% of mobile banking customers used their phone’s camera to deposit a check in 2013.

The Fed also reported that mobile banking is more prevalent among the underbanked, 64% of whom have smartphones. Of those with mobile phones, 39% used mobile banking -- six points above the overall population.

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