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About half of smartphone owners in the US used their devices to access financial accounts in the past year, according to a study by the Federal Reserve. During the study, 2600 people were interviewed. Of these, 48% of those who own smartphones said they have used mobile banking in the past 12 months. For comparison, in December 2020 the same indicator was 42%.
Among all mobile phone owners, 28% used their devices to access a bank, credit card or other financial account, up 7% from last year (21%).
At the same time, the use of mobile phones for payments at the point of sale has tripled compared to the same period last year.
Mobile financial use is particularly prevalent among the 10% of Americans outside the banking sector — of 90% of these users with mobile devices, half have used mobile banking in the past 12 months. In December 2020 this figure was 29%.
The technology could also help expand financial services to an additional 10% of the unbanked population, as 59% of this group of users have mobile phones, half of them smartphones.
However, despite a 33% increase in mobile banking use from 2020 to 2021, the report shows that many users remain skeptical about the service. More than half of phone owners who do not use mobile banking say they are not interested. Less than a quarter of all mobile device owners indicated their interest in paying for purchases at the point of sale.
The most common functions in mobile banking remain checking account balances, viewing recent transactions, and transferring funds between accounts. By the way, the placement of mobile deposits has grown twice in a year - last year, 21% of users used this option.
In addition, mobile phones are increasingly helping users with shopping choices. Among smartphone owners, 42% used their devices to compare prices when shopping, and 44% searched for product information on their mobiles.
Among all mobile phone owners, 28% used their devices to access a bank, credit card or other financial account, up 7% from last year (21%).
At the same time, the use of mobile phones for payments at the point of sale has tripled compared to the same period last year.
Mobile financial use is particularly prevalent among the 10% of Americans outside the banking sector — of 90% of these users with mobile devices, half have used mobile banking in the past 12 months. In December 2020 this figure was 29%.
The technology could also help expand financial services to an additional 10% of the unbanked population, as 59% of this group of users have mobile phones, half of them smartphones.
However, despite a 33% increase in mobile banking use from 2020 to 2021, the report shows that many users remain skeptical about the service. More than half of phone owners who do not use mobile banking say they are not interested. Less than a quarter of all mobile device owners indicated their interest in paying for purchases at the point of sale.
The most common functions in mobile banking remain checking account balances, viewing recent transactions, and transferring funds between accounts. By the way, the placement of mobile deposits has grown twice in a year - last year, 21% of users used this option.
In addition, mobile phones are increasingly helping users with shopping choices. Among smartphone owners, 42% used their devices to compare prices when shopping, and 44% searched for product information on their mobiles.