Mobile technology becoming a prominent part of American life
April 02, 2013

Americans are growing increasingly familiar with mobile devices, and are willing to use them for a number of activities that may have been deemed sensitive in the past. According to the second annual mobile survey from the Federal Reserve Board, consumers no longer think twice before utilizing mobile phones and platforms for tasks such as banking and paying for goods or services.

Nearly half of respondents (48 percent) used mobile banking tools in the past year to review financial account balances, view account histories and transfer funds between accounts. Compared with 2012, that number has grown 21 percent. Mobile payments showed growth as well, with the number of people using handheld devices to conduct transactions up from 2 percent to 6 percent, Mobile Payments Today reports, citing the study.

As mobile devices become an increasingly large part of the shopping process and the facets of everyday life, customers will grow more comfortable with them. Already, nearly half of customers (42 percent) are accustomed to using mobile devices to compare prices, while 44 percent utilize their devices to read reviews while in-store.

The fact that retailers can accept credit card payments and debit card payments by simply swiping customers' plastic through a device attached to a phone may seem a bit odd to them at first. However, as mobile devices hit critical mass, people will become more aware of the variety of purposes for which smartphones can be used.

On top of that, mobile payments offer businesses a variety of perks, ranging from lower setup costs to the ability to engage in debit and credit card processing

Nexus: G-WEBCD5