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The use of mobile phones in the Unites States is widespread and a large portion of the population use them for more than just making a call. These devices can be outfitted with applications that can improve the way people conduct their lives, and a potential application rapidly gaining interest is the ability to use a mobile phone as a payment device at a retail location.
Not only could a consumer simply wave a mobile phone in front of a reader and have his bank account debited automatically, but using the phone's computing and communication power, the customer could perform many other value-added activities at the same time.
Download this document to learn about the future prospects for mobile payments in the United States. Topics discussed include:
Companies: Federal Reserve Bank