Financial Institutions Report Increase in Mobile Banking Customers and Mobile Payments

A 2015 research report on the smartphone industry in the US states that 64% or two-thirds of Americans have a smartphone. This is indeed a 35% rise in the past 4 years. What does this indicate? It not only indicates the increased usage and reliability on smartphones for internet browsing and online connectivity but also brings to light the use of smartphones for mobile payments. Remember Tim Cook’s speech on Apple’s annual earnings in January 2015? He said, 2015 will be the year of Apple Pay. During the earnings calls, Tim Cook discussed some of the success stories related to Apple Pay. According to Cook, Panera Bread reported that 80 percent of its online payments came through Apple Pay and Whole Foods saw an 80 percent increase in contactless payments ...

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